Lexpert Special Editions

Special Edition on Corporate -2016

The Lexpert Special Editions profiles selected Lexpert-ranked lawyers whose focus is in Corporate, Infrastructure, Energy and Litigation law and relevant practices. It also includes feature articles on legal aspects of Canadian business issues.

Issue link: https://digital.carswellmedia.com/i/678030

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Page 9 of 43

PHOTO: SHUTTERSTOCK CONTESTED M&A THE PROVINCIAL AND territorial securities regulators – known collectively as the Canadian Securities Administrators (CSA) – are making significant changes to the regime governing take- over bids. e new rules, announced in late February, are intended to provide the boards of target com- panies with more time to respond to unsolicited take-over bids and, not incidentally, free the regu- lators from having to decide on a case-by-case basis how long bids should remain open. (In Canada, the only way to acquire legal con- trol of a public company without the consent of the target board is to submit a take-over bid di- rectly to the shareholders.) e new rules, set to take effect in May 2016, are expected to redress the balance between bidders on the one side, and targets and their shareholders on the other. Opinion is divided on whether the changes will significantly affect deal flow. The New Regime THE CANADIAN SECURITIES ADMINISTRATORS' AMENDMENTS TO THE CANADIAN TAKE- OVER BID REGIME WILL DRAMATICALLY ALTER CONTESTED TRANSACTIONS BY SHELDON GORDON 10 LEXPERT | 2016 | WWW.LEXPERT.CA

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