RE:RE:RE:RE:RE:RE:RE:RE:RE:OT See everyone here @ $1.00 !Hi tomgranite,
According to this, from Torys.com, page 23 (Google "acceptance requiremnet for takeover, Torys", a long pdf will pop out)
"Second Steps in Canada
When a bidder obtains at least 90% of the outstanding shares of a target company
under a bid, provincial corporate law statutes generally confer a compulsory
acquisition right in favour of the bidder to acquire the balance of the securities. In
calculating the 90% threshold, securities held by the bidder at the time of making
the bid or acquired in the open market during the bid must be excluded. No
shareholder approval is required for a compulsory acquisition and, as a result, it
can be completed quickly and efficiently.
If the statutory compulsory acquisition procedure referred to above is not
available because the bidder achieved less than a 90% tender to the bid, the
bidder will instead be able to effect a transaction that squeezes out the remaining
minority shareholders (at the same price as was offered under the bid) as long
as the bidder (i) owns at least 66 M% of the outstanding shares after the bid;
(ii) acquired through the formal bid a majority of the shares that it did not
own beforehand; and (iii) satisfies the additional requirements of the business
combination rules under Multilateral Instrument 61-101."
The top portion has something similar to what you said in your post. There are other discussions on how a suitor can get the othe 10% (dissident shareholders who refuse to tender).
GH