Regulatory Alerts2026-05-14
Amendments to Policy Statement 62-203 respecting Take-Over Bids, Issuer Bids and the Early Warning System
Canadian securities regulatory authorities have amended Policy Statement 62-203 to update guidance on the Bid Regime and the Early Warning System. The amendments introduce new provisions addressing bid conditions, mini-tender offers, prompt payment, and the treatment of equity equivalent derivatives and selective offshore repurchases. Additionally, the document clarifies reporting obligations regarding changes in acquiror plans, acquisitions during bids, and the calculation of early warning thresholds for convertible securities.
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