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The Canadian Securities Administrators (CSA) have released draft rules on Canada’s new "just say slow" takeover bid regime. The new rules will reshape the current takeover bid regime by redefining bid dynamics between target boards and hostile bidders. The new 120-day period will provide boards with more time to "just say slow" and evaluate a hostile bid, seek value-enhancing alternatives or convince shareholders to stay the course and reject the bid. As a result, boards will wield more negotiating leverage which will likely encourage a bidder's engagement with the target.
On December 9, 2014, the Minister of Industry announced changes to the Competition Act that would authorize the Commissioner of Competition (the Commissioner) to determine why products have selling prices in Canada that are higher than they are in the United States.
The amendments represent an apparent shift from the government’s initial proposal to introduce legislation to "prohibit unjustified cross-border price discrimination."
Torys represented Canada GEN Investment Corporation in the sale of Canada’s remaining common shares in General Motors Company.