Lexpert’s September cover.
The present meets the future in Suncor Energy Inc.'s unsolicited $4.3-billion takeover bid for Canadian Oil Sands Ltd.
When COS adopted a second poison pill that would require Suncor to double its 60-day minimum bid period or seek an order terminating the pill, it brought into focus the Canadian Securities Administrators' proposed new takeover bid regime, for which the comment period closed in June.
Regulators have provided no hint when the new rules will come into force, but many observers expect implementation in early 2016.
"I'm not at all surprised that COS adopted a strategy that brings things into conformity with the new rules," says Amanda Linett of Stikeman Elliott LLP in Toronto. "What we'll have to see now is which rules the regulators will apply."
Lexpert contributor Julius Melnitzer reports on the deal landscape here