Tag Archives: M&A

A ‘Win’ for the IIAC – “Early Warning” Reporting System (IIAC Blog)

A ‘Win’ for the IIAC – “Early Warning” Reporting System (IIAC Blog)

In Canada, any person that acquires a stake of 10% or more in a Canadian public company must issue a news release immediately and file an “early warning” report within two business days, including the number of shares held, the purpose of the transaction and the acquirer’s future intentions. This allows the market to review and assess the potential impact of changes in ownership or control.

The Canadian Securities Administrators (CSA) proposed to reduce the early warning reporting threshold from 10% to 5%. The IIAC pushed back, stressing the lower threshold would increase compliance costs and … Continue reading

Tagged:

Comments Off on A ‘Win’ for the IIAC – “Early Warning” Reporting System (IIAC Blog)

A ‘Win’ for the IIAC – Take-Over Bid Rules (IIAC Blog)

A ‘Win’ for the IIAC – Take-Over Bid Rules (IIAC Blog)

In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders their say.

In March 2015, the Canadian Securities Administrators (CSA) had proposed changes to Canada’s take-over bid regime to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company.

The proposed rules would have substantially extended the period during which a take-over bid must remain open, from the current minimum of 35 days to 120 days. The IIAC said the current minimum deposit period is arguably too short … Continue reading

Tagged:

Comments Off on A ‘Win’ for the IIAC – Take-Over Bid Rules (IIAC Blog)

The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)

The IIAC submitted comments to the Ontario Securities Commission (OSC) on the proposed changes to the way in which unsolicited or hostile corporate take-over bids are carried out in Canada. The proposed changes to the rules aim to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company. The IIAC supports the OSC’s objectives, but we have a concern about the extent of time bids must remain open.

In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders … Continue reading

Tagged:

Comments Off on The IIAC Comments on Proposed Take-Over Bid Amendments (IIAC Blog)