Canada’s new take-over rules

What should bidders and target board now expect

    

DESCRIPTION

On Demand
Course Leader : Practical Law Canada - Capital Markets and Securities
Duration : 1 hour 0 minute
Price: Free

Amendments to Canada’s take-over bid rules coming into force on May 9, 2016 will have a major impact on take-over considerations by hostile bidders and take-over protections available to target boards. The changes include an increase in the minimum period that unsolicited (hostile) take-over bids will be required to remain open for acceptance from 35 to 105 days, a new minimum tender requirement and a mandatory extension after the terms and conditions of a bid have been complied with or waived.

The changes are intended to level-set the playing field between bidders and targets; reduce the coercive pressure on shareholders; and provide greater certainty as how defensive tactics will be regulated by the various local securities commissions.

Join Practical Law Canada and experts from Stikeman Elliott LLP and RBC Capital Markets for a free 60-minute webinar. During this session, the speakers discuss:

  • The details behind the new rules
  • The impact of the new rules on bidder strategies
  • Options available to target boards and the impact on target board considerations for defensive measures 
  • Expected trends including the continued use of traditional defensive tactics such as shareholder rights plans

 A short Q&A session follows.

Moderator:
Jeffrey M. Singer, Stikeman Elliott LLP

Presenters:
Brian M. Pukier, Stikeman Elliott LLP
Peter Buzzi, RBC Capital Markets

Also of Interest
Be sure to also visit What's Market, which provides a continuously updated database of public and private merger agreements involving Canadian companies. The What’s Market database allows the viewer to analyze and compare negotiated deal provisions in M&A transactions and also contains links to the underlying public documents.

CPD/CLE Credit

For common law provinces: This webinar qualifies for 1 h of substantive content.

Please consult your Law Society's guidelines on claiming credits for recorded or archived CPD courses.

For Quebec: This webinar has not been accredited by the Barreau du Québec.