Canada's new takeover regime: Watch this space

Author: Stikeman Elliott | Published: 8 Jul 2019

Stikeman Elliott partners analyse Canada’s new takeover bid regime and its impact in Aurora’s recent hostile bid for competitor CanniMed

When first published, the Canadian bid regime was largely positioned as a balanced regime aimed at levelling the playing field between bidders and targets. Previously, it was generally believed that Canada's takeover bid landscape was unduly favorable to bidders, with the result that targets had become necessarily reliant on defensive measures, and regulators disproportionately occupied by (and occasionally inconsistently) adjudicating their appropriateness. While we have had only a few years under this regime, the regulators have largely remained true to their original stated objective in the opportunities where they have been called on to intervene....