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Canadian Going Private Transactions - A sample timetable Part II

In this blog, we will provide a sample timetable for a hostile take-over bid. While each transaction is different, the sample timetables are useful to provide an indication of the basic timing requirements for each type of transaction.

See Chinese version below [中文版参阅下文]

TIME EVENT
Day X Take-over bid circular mailed to target company shareholders
Issue press release announcing the proposed transaction
Day X + 15 Directors’ circular mailed to target company shareholders
Day X + 105 Closing of 105-day bid period during which target company shareholders tender to the bid
Day X + 115 Closing of mandatory minimum 10-day extension period
Day X + 115 Issue press release announcing completion of the bid
Day X + 117 Bidder commences paying for tendered securities
Day X + 119 If 90% tender has been achieved, bidder completes compulsory acquisition process to acquire 100% ownership of target
Day X + 150 If less than 90% tender but at least 66 ⅔% tender has been achieved, bidder completes amalgamation squeeze-out process to acquire 100% ownership of target

在这篇博客中,我们将列出针对恶意收购交易的时间表示例。虽然每项交易不同,这些时间表示例有助于指示每种交易类型的基本时间要求。

时间

事项内容

第X天

要约收购通告要邮寄给目标公司股东

通过新闻发布披露所提出的交易

第X天 + 15

董事通告要邮寄给目标公司股东

第X天 + 105

目标公司股东收购的期限为105结束

第X天 + 115

终止强制性最低10天的延长期限

第X天 + 115

通过新闻发布交易的完成

第X天 + 117

要约收购方开始支付收购的股份

第X天 + 119

如果要约收购的股票达到90%,收购方则强制完成收购过程,以获得100%目标公司的所有权。

第X天 + 150

如果要约收购的股票低于90%但大于66⅔%,收购方需要获得目标公司100%的股票所有权,方可完成合并

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