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 →