RE:RE:RE:RE:Sprott A takeover bid is an offer to acquire voting or equity securities made to persons in a Canadian jurisdiction where the securities subject to the bid plus securities beneficially owned by the bidder and its affiliates and joint actors constitute 20% or more of the outstanding securities (partially diluted) of a class of securities.
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https://www.goodmans.ca/files/file/docs/Hostile%20Take-Over%20Bids%20In%20Canada%20May%202016.pdf