A new takeover bid regime outlined by Canadian regulators is set to dramatically extend the minimum offer period on hostile bids, potentially reducing hostile deal activity in a largely resource-driven Canadian market.
The new takeover rules, unveiled on Thursday by the Canadian Securities Administrators (CSA) an umbrella body made-up of all of Canada’s provincial securities regulators, will require that hostile bidders come in with fully financed bids and keep offers open for a minimum of 105 days, up from 35 days currently.
EUAN ROCHA – Reuters – February 26, 2016.
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