RE:RE:RE:RE:RE:RE:RE:Let's put those 16,000,000 shares to rest.Mac, thank you. I did not know of the first of the two exemptions previously. I now know they can continue open market purchases, according to this source, but are limited to 5% of shares outstanding per year, without making a formal takeover bid for the entire company... here is what I saw as the key provision in Canadian takeover law (which was been adjusted in 2016): "...Under both the current and new regimes, any purchase in the market that takes a shareholder above 20% ownership of the target company requires the bidder to make a formal take-over bid to all the target’s shareholders on identical terms, subject to two key exceptions to the formal take-over bid rules. The first is the de minimis exemption that permits a shareholder to acquire shares in excess of the 20% threshold through purchases of up to 5% annually at market prices. The second is the private agreement exemption whereby a shareholder may acquire shares in excess of the 20% threshold by way of a private agreement with no more than five sellers, subject to a price limit of 115% of the market price of the shares."
https://www.canadianmergersacquisitions.com/2016/02/26/canadas-new-take-over-bid-rules-seek-to-level-the-playing-field/