62-104 - Take-Over Bids and Issuer Bids [MI Advance Notice - Lapsed]

Concurrently Published:

• BCN 2007/35 - Advance Notice of Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, related forms and National Policy 62-203 Take-Over Bids and Issuer Bids [BCN - Lapsed]

Table of Contents

Part 1   DEFINITIONS AND INTERPRETATION

1.1    Definitions

1.2    Definitions for purposes of the Act

1.3    Affiliate

1.4    Control

1.5    Computation of time

1.6    Expiry of bid

1.7    Convertible securities

1.8    Deemed beneficial ownership

1.9    Acting jointly or in concert

1.10  Application to direct and indirect offers

1.11  Determination of market price

PART 2: BIDS

Division 1: Restrictions on Acquisitions or Sales

2.1    Definition of “offeror”

2.2    Restrictions on acquisitions during take-over bid

2.3    Restrictions on acquisitions during issuer bid

2.4    Restrictions on acquisitions before take-over bid

2.5    Restrictions on acquisitions after bid

2.6    Exception

2.7    Restrictions on sales during bid

Division 2: Making a Bid

2.8    Duty to make bid to all security holders

2.9    Commencement of bid

2.10  Offeror’s circular

2.11  Change in information

2.12  Variation of terms

2.13  Filing and sending notice of change or notice of variation

2.14  Change or variation in advertised take-over bid

2.15  Consent of expert - bid circular

2.16  Delivery and date of bid documents

Division 3: Offeree Issuer's Obligations

2.17  Duty to prepare and send directors’ circular

2.18  Notice of change

2.19  Filing directors’ circular or notice of change

2.20  Individual director’s or officer’s circular

2.21  Consent of expert - directors’ circular/individual director’s or officer’s circular

2.22  Delivery and date of offeree issuer’s documents

Division 4: Offeror's Obligations

2.23  Consideration

2.24  Prohibition against collateral agreements

2.25  Collateral agreements - exception

2.26  Proportionate take up and payment

2.27  Financing arrangements

Division 5: Bid Mechanics

2.28  Minimum deposit period

2.29  Prohibition on take up

2.30  Withdrawal of securities

2.31  Effect of market purchases

2.32  Obligation to take up and pay for deposited securities

2.33  Return of deposited securities

2.34  News release on expiry of bid

PART 3: GENERAL

3.1    Language of bid documents

3.2    Filing of documents

3.3    Certification of bid circulars

3.4    Obligation to provide security holder list

PART 4: EXEMPTIONS

Division 1: Exempt Take-Over Bids

4.1    Normal course purchase exemption

4.2    Private agreement exemption

4.3    Non-reporting issuer exemption

4.4    Foreign take-over bid exemption

4.5    De minimis exemption

Division 2: Exempt Issuer Bids

4.6    Issuer acquisition or redemption exemption

4.7    Employee, executive officer, director and consultant exemption

4.8    Normal course issuer bid exemptions

4.9    Non-reporting issuer exemption

4.10   Foreign issuer bid exemption

4.11   De minimis exemption

PART 5: Reports and Announcements of acquisitions

5.1    Definitions

5.2    Early warning

5.3    Acquisitions during bid

5.4    Duplicate news release not required

5.5   Copies of news release and report

PART 6: EXEMPTIONS

6.1    Exemption -  general

6.2    Exemption - collateral benefit

PART 7: TRANSITION AND COMING INTO FORCE

7.1    Transition

7.2    Coming into force

FORMS

• 62-101F1 - Take-Over Bid Circular
• 62-104F2 - Issuer Bid Circular
• 62-104F3 - Directors' Circular
• 62-104F4 - Directors' or Officers' Circular
• 62-104F5 - Notice of Change or Notice of Variation