The proposed takeover bid regime rules recently announced by the Canadian Securities Administrators (CSA) have been the source of significant discussion in the business community (to read our overview of the CSA's draft "Just Say Slow" rules, click here). If enacted, the changes (including an extended 120-day-minimum period during which a bid must remain open) would represent an important shift in Canadian M&A dynamics. Partner and co-head of the firm's M&A Practice John Emanoilidis was sought for comment by The Bottom Line in an article on how these new "just say slow" rules may affect dealmakers.
Below is an excerpt of the article.
Emanoilidis said 120 days is a reasonable time frame for boards to work with.
"I think it ultimately strikes the right balance. Boards will have more breathing room. There will be more certainty around the time that a board has to respond to a bid. It will [also] continue to leave shareholders with the final say on whether a bid should be accepted," he said.
To read the full article, click here.