May 27, 2016
Torys partner and co-head of the firm's M&A Practice Cornell Wright was cited repeatedly in a recent Lexpert article on the new takeover bid rules now in effect in Canada. The new rules, which extend the minimum tender period for takeover bids from 35 days to 105 days, are intended to provide target companies with more time to react and find alternatives to hostile bids. However, as the discussion featured in Lexpert's article attests, the full extent of the new regime's impact on dealmaking in Canada, including volume of deals, has yet to be determined. Below is an excerpt of the article.
"It will definitely change the dynamics [of hostile bids], but it's an open question as to how much," says Cornell Wright, a partner at Torys LLP in Toronto. "Everybody – lawyers, bankers – is thinking through and analyzing tactics and how to deal with the new regime."
To read the full article, click here.
For our M&A team’s coverage of Canada’s new takeover bid regime, see our bulletin here.