I smell a takeover...
Take-Over Bids, Special Transactions and Early Warning Take-over bids, issuer bids and special transactions are regulated by securities law provisions in the Securities Act (Ontario) and related rules. Securities legislation in Ontario also includes early warning requirements which apply when a person or company acquires ownership of 10% or more of the voting or equity securities of a reporting issuer. This section contains information on the requirements related to these types of transactions. Take-Over Bids and Issuer Bids In Ontario, the regulatory regime governing the conduct of take-over bids and issuer bids can be found in Part XX Take-Over Bids and Issuer Bids of the Securities Act (Ontario) (Part XX) and OSC Rule 62-504 Take-Over Bids and Issuer Bids (OSC Rule 62-504) In all other Canadian jurisdictions, the regulatory regime governing the conduct of take-over bids and issuer bids is harmonized through the application of Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (MI 62-104). Part XX and OSC Rule 62-504 contain substantially the same provisions as those contained in MI 62-104. National Policy 62-203 Take-Over Bids and Issuer Bids (NP 62-203) provides additional guidance about Part XX, OSC Rule 62-504 and MI 62-104. Special Transactions (MI 61-101) In Ontario and Quebec, additional disclosure, valuation and security holder approval requirements may apply to certain transactions that involve the rights of minority security holders and which may raise conflict of interest concerns, specifically: insider bids, issuer bids, business combinations and related party transactions. These additional requirements can be found in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101).