IR Leader
July 21, 2015

Issues Advocacy / Educational Backgrounders Update

CIRI Comments on Proposed Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (MI 62-104) and changes to National Policy 62-203 Take-Over Bids and Issuer Bids (NP 62-203)

CIRI supports the CSA’s proposed harmonized amendments to the take-over bid regime that put unsolicited or hostile bidders and target companies on a more equal footing. These amendments include:

  • Moving from a 35-day deposit period to a minimum 120-day deposit period;
  • Introducing a 10-day extension for undecided shareholders; and
  • A minimum tender requirement of more than 50% of the outstanding securities owned by shareholders other than the bidder and its joint actors.
To view the complete submission, click here.

Educational Backgrounders

To date in 2015, CIRI has issued the following seven Educational Backgrounders:

  • Standards of Disclosure for Oil and Gas Activities
  • Proposed Amendments to CSA's Order Protection Rule
  • National Securities Regulator Consultation Period Ends
  • Proposed Changes to the Take-Over Bid Regime in Canada
  • Proxy Voting Infrastructure
  • Proxy Advisory Firms
  • New Publish-What-You-Pay Law
To view these Backgrounders, click here. (Note: Backgrounders are a 'members only' benefit. You will need to log in to access.)