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]

• 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. 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。

• 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。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