RE:RE:TakeoverCanada law (my understanding; I am not a lawyer) says that a buyer must give public notice that he/she owns more than 20% of a company once that ownership % threshhold is achieved (call it 'major shareholder' status). A major shareholder must give public notice if he/she acquires or divests shares, and IF (big hypothetical) IF a takeover bid is made, it is on equal terms to all other shareholders and be open for a duration of at least 35 days. see this link: https://mcmillan.ca/files/Overview_take-over_bids_in_Canada.pdf