Corporate Securities Law Update: Amendments to Takeover Bid Rules Alter Canada's M&A Landscape

The Canadian Securities Administrators (CSA) have published the final form of the much-discussed amendments to Canada’s takeover bid regime (the “Takeover Amendments”). The Takeover Amendments are substantially similar to the draft published in March of last year, though they include some important changes. The main elements of the Takeover Amendments that will affect takeover bids for Canadian companies are: Minimum Tender Condition. All non-exempt takeover bids will be required to achieve a minimum tender requirement of more than 50% of the outstanding securities that are subject to the bid and held by disinterested securityholders. This requirement applies equally to partial bids, making them more challenging for bidders. Read more. (Subscription required.)