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Canadian Securities Regulators Substantially Change Take-Over Bid Rules

By Bernard Pinsky

On February 25, 2016, the Canadian Securities Administrators (“CSA”) announced amendments to take-over bid rules in Canada. The changes, as reflected in National Instrument 62-104 Take-Over Bids and Issuer Bids (NI 62-104) and National Policy 62-203 Take-Over Bids and Issuer Bids, are intended to enhance the quality and integrity of the take-over bid regime while rebalancing the dynamics among bidders, target company boards of directors and target company shareholders during a take-over bid.