A document prepared by the directors of the target company recommending either accepting or rejecting the bid, or taking no position, and the reasons for its decision.
A requirement to issue a press release and file a report upon acquisition of 10% of the voting shares of a company.
The Securities Acts contain provisions designed to ensure fairness of the offer to security holders. The onus of the securities legislation is to offer identical consideration or an identical choice of consideration to all security holders subject to the take-over bid.
Offers from an issuer to security holders to buy back any of its own shares or other securities convertible into its shares.
Normal Course Issuer Bid
The purchase of a company of its own securities within certain limitations.
An offer made to the security holders of a company to purchase the voting securities of a company which, with the offeror's already-owned securities, will in total exceed 20% of the outstanding voting securities of the company.
Take-over Bid Circular
The document prepared by the offeror company describing the terms of the take-over bid.