RE:When does a major shareholder have to make an offer?Nizza, if you go to the link I posted yesterday you will find following information:
The Importance of 20%: Take-over Bid Territory
Any offer by an investor to acquire outstanding voting or equity securities of a class of a reporting issuer made to one or more persons in Canada that would result in the investor, together with any of its joint actors, having beneficial ownership of and/or or control or direction over 20% or more of the outstanding securities of that class constitutes a take-over bid that requires an offer to be made to all securityholders, unless the offer is a step in a voting transaction (such as a plan of arrangement) or an exemption from the take-over bid requirement is available.