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Borden Ladner Gervais LLP | Canada | 28 Feb 2008

New Canadian take-over bid rules effective on February 1 , 2008

On February 1, 2008, new rules governing take-over bids in Canada came into force. Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (“MI 62- 104”) will govern take-over bids, issuer bids and insider bids in all jurisdictions other than Ontario, where Part XX of the Securities Act (Ontario) (the “OSA”) has been amended and Ontario Securities Commission Rule 62-504 Take-Over Bids and Issuer Bids (“OSC Rule 62-504”) has been enacted to reflect provisions parallel to MI 62-104.

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