Notices of Hearing & Temporary Orders
IDEXX Laboratories Canada Corporation, et al.[Temporary Order and Notice of Hearing]
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BCSECCOM #:
2006 BCSECCOM 606
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Document Type:
Temporary Order and Notice of Hearing
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Published Date:
2006-10-25
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Effective Date:
2006-10-25
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Details:
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2006 BCSECCOM 606
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2006 BCSECCOM 606
Temporary Order under Section 161(2)
Notice of Hearing
IDEXX Laboratories Canada Corporation, Associate Veterinary
Clinics (1981) Ltd. and Central Laboratory for Veterinarians Ltd.
Sections 114 and 161 of the Securities Act, RSBC 1996, c. 418
Notice of Hearing
IDEXX Laboratories Canada Corporation, Associate Veterinary
Clinics (1981) Ltd. and Central Laboratory for Veterinarians Ltd.
Sections 114 and 161 of the Securities Act, RSBC 1996, c. 418
¶ 1 The Commission will hold a hearing under sections 114 and 161 of the Securities Act.
Background
¶ 2 On September 19, 2006, Associate Veterinary Clinics (1981) Ltd. made an offer to shareholders of Central Laboratory for Veterinarians Ltd. to purchase their shares for $10.49 each.
¶ 3 On October 23, 2006, IDEXX Laboratories Canada Corporation made an offer to shareholders of CLV to purchase their shares for $13.87 each.
¶ 4 On October 24, 2006, AVC varied its offer.
¶ 5 IDEXX has raised concerns whether AVC has complied with the takeover bid requirements in the Act.
¶ 6 We also have concerns that AVC may not have complied with the Act, including sections 105, 107 and 108.
Orders
¶ 7 We consider the length of time to hold a hearing under section 161(1) of the Act could be prejudicial to the public interest and, considering that it would be in the public interest to do so, order under section 161(2) that:
1. under section 161(1)(a) of the Act, AVC comply with or cease contravening the Act; and
2. under section 161(1)(b) of the Act, AVC cease trading in or purchasing any securities of CLV, including taking up or paying for any shares under its offer;
for a period expiring on October 26, 2006.
Hearing
¶ 8 The hearing will be held at the 12th floor hearing room, 701 West Georgia Street, Vancouver BC, on October 26, 2006 at 10 am.
¶ 9 October 25, 2006
Douglas M. Hyndman
Chair
Robin Ford
Commissioner
David J. Smith
Commissioner