In this series of blog, we will continue to discuss certain considerations for an acquirer of a publicly-listed target when deciding whether to proceed with a take-over bid or a plan of arrangement.

See Chinese version below [中文版参阅下文].

• Pricing Flexibility. The pre-bid integration rules provide that if a take-over bid is launched and, during the 90 days preceding the bid the bidder acquired target securities in any transaction not generally available to all shareholders, then the consideration offered in the formal take-over bid must be at least equal to the highest consideration that was paid on a per security basis under any of the prior transactions. These pre-bid integration rules do not apply to a transaction structured as a plan of arrangement.  
  Advantage > Plan of Arrangement
   
• Control by the Bidder. A take-over bid puts control of the disclosure document and the acquisition process squarely in the hands of the bidder and allows it to drive the process forward on its own timeline. In contrast, the target has direct control over the plan of arrangement process – it will call the special meeting of its shareholders, seek the requisite orders from the court and send its shareholders an information circular. If the bidder is impatient with the approach of the target and its advisors, this may be an important factor for it.  
  Advantage > Take-over Bid (bidder) / Plan of Arrangement (target)
   
• Timing. A take-over bid must be left open for at least 105 days unless the board of the target agrees to shorten the period to no less than 35 days. Additional time will be required to complete a compulsory acquisition transaction (i.e. where the bidder acquires at least 90%) or a squeeze-out merger (i.e. if the bidder acquires at least two-thirds but less than 90%). With a plan of arrangement, it can take up to 55 days (often subject to abridgement to as few as 35 to 40 days) to call and hold a meeting of shareholders to approve the transaction. It can also take up to a week after the shareholder meeting to obtain the final order of the court.  As a result, usually a plan of arrangement takes less time than a friendly take-over bid to acquire all of the outstanding shares. However, if regulatory approvals are needed to complete the transaction, the choice of structure may not impact timing.
  Advantage > Plan of Arrangement
   
• Financing. For a take-over bid, a bidder must ensure that it has made adequate arrangements to ensure that funds are available to make full payment of the consideration payable pursuant to the bid. There is no equivalent statutory requirement for a plan of arrangement although the board of the target will want to obtain comfort on the availability of financing.
  Advantage > Plan of arrangement
   
• Translation. Assuming the target is a reporting issuer in Québec, the takeover bid circular will need to be translated into French. This takes extra time and costs money. In contrast, generally the management information circular for a plan of arrangement does not need to be translated in the context of a transaction structured as a plan of arrangement.
  Advantage > Plan of Arrangement
   
• Equal Treatment. A take-over bid requires that all shareholders be offered identical consideration and places limitations on providing collateral benefits that are not available to all shareholders. Although the court will evaluate the fairness and reasonableness of a plan of arrangement in granting a final order and minority shareholder approval may be required, there is more flexibility to offer collateral benefits in a transaction structured as a plan of arrangement. Advantage > Plan of Arrangement

要约收购还是安排计划: 主要考量因素 - 第三篇

我们将在以下系列博客中，对上市公司的收购方式的考量进行进一步讨论，特别是针对收购方是否采取要约收购还是安排计划的考量。

• 定价灵活。根据“购前合并”规则，如果要约收购正式展开，收购方在此前的90天内进行的任何不是对所有股东开放的交易中如购得目标公司的股份，正式要约收购所给出的对价至少要与这些先前所有交易中所支付的最高股价相同。“购前合并”规则不适用于安排计划的交易。
  优势>安排计划
   
• 收购方控制。要约收购将披露文件和收购过程的控制权完全交给了收购方，并允许其按照自己的时间表的流程向前推动。相反，目标公司可以直接控制安排计划的过程，它将召开股东特别会议，向法院寻求必要的法令，并向其股东发送董事会通告。如果收购方对目标及其顾问的做法不耐烦，这将是一个重要因素。
  优势>要约收购（收购方）/安排计划（目标公司）
   
• 时间。除非目标董事会同意将要约期限缩短至不少于35天，否则要约收购必须至少开放105天。完成强制性收购交易（即，收购方至少收购90％的股份）或挤出合并（即，如果收购方至少收购三分之二但少于90％的股份）将需要更多时间。根据安排计划，最多可能需要55天（通常最多只能削减到35 至 40 天）来召集并举行一次股东大会以批准其交易。股东会议后可能还需要一周的时间才能获得法院的最终法令。因此，通常安排计划所需的时间比善意要约收购所有已发行股份要短。但是，如果需要获得监管机构的批准才能完成交易，则结构的选择可能不会影响时间安排。
  优势>安排计划
   
• 融资。对于要约收购，收购方必须确保已做好适当的安排，以确保可以有足够的资金来支付根据要约应支付的对价。尽管目标公司的董事一般会希望得到融资，但对安排计划没有相应的法定要求。
  优势>安排计划
   
• 翻译。如果目标公司是魁北克省的申报发行人，那么要约收购通告将需要翻译成法语。这会花费额外的时间和成本。相反，安排计划的管理委任通告通常并不需要翻译成法文。
  优势>安排计划
   
• 平等待遇。要约收购要求向所有股东提供相同的对价，并对提供不是所有股东都获得的附带利益进行限制。尽管法院将在下达最终法令时评估安排计划的公平性和合理性，并可能需要少数股东的批准，但在安排计划的交易中提供附带利益的灵活性更大。
  优势>安排计划