CANADA: Extension of comment period for Canada takeovers consultations

Tuesday June 4 2013

Further to the updates of 13 March and 14 March, the Canadian Securities Administrators have announced an extension of the comment period for the Canada takeovers consultations.

On 13 March, the CSA published for comment proposed amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Instrument 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues and proposed changes to National Policy 62-203 Take-Over Bids and Issuer Bids. On 14 March 2013 proposed National Instrument 62-105 Security Holder Rights Plans and proposed Companion Policy 62-105CP Security Holder Rights Plans were also published for public comment.

The comment period was initially scheduled to close on 12 June, however the CSA has received feedback from several stakeholders that it would be beneficial for stakeholders to have additional time to properly review and assess the impact of the amendments and prepare comments. As a result, the comment period has been extended from 12 June to 12 July.

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