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Canadian Securities Administrators Issue Proposed Changes to the Takeover Regime
On September 11, 2014, the Canadian Securities Administrators (“CSA”), the authorities responsible for the regulation of Canadian securities markets, issued CSA Notice 62-306 proposing significant changes to the takeover regime. The proposals represent a change in methodology from the approaches presented by the CSA in March, 2013, which addressed the permissible use of “poison pills” (shareholder rights plans) in response to hostile takeovers. In recent years the CSA had appeared divided on this issue, which has often been framed in terms of the question who should have the biggest say on responding to a hostile takeover, the target’s directors or its shareholders?