Takeover Bids

News & Analysis as of

Revisions to Singapore takeover code

The Singapore Code on Take-overs and Mergers (“Code”) was revised by the Monetary Authority of Singapore pursuant to Section 139(6) of the Securities and Futures Act with effect from 25 March 2016. This article aims to...more

Canadian Securities Administrators amend take-over bid rules

After many months of soliciting and considering comments, on February 25, 2016, the Canadian Securities Administrators announced amendments to the take-over bid rules.1 The new regime makes three principal changes...more

"All the time in the world": Canadian securities regulators adopt fundamental changes to take-over bid regime

The Canadian Securities Administrators (CSA) have announced the final adoption of fundamental changes to the take-over bid regime in Canada. These changes are substantially similar to a draft version of the amendments that...more

Report Early, Report Often: CSA Adopts Final Amendments to Early Warning System

On February 25, 2016, the Canadian Securities Administrators (CSA) published final amendments to the rules governing early warning reporting in Canada (Final Amendments). The Final Amendments were released concurrently with...more

The Financial Report - Volume 5, No. 5 - March 2016 (Global)

The buzz phrase of the moment in the financial services industry is robo adviser. On Monday, February 29, The Wall Street Journal published a Journal Report in the Personal Finance Section of that day’s newspaper. The...more

Canada Implements New Take-Over Bid Rules

The Canadian Securities Administrators Implement New Rules to Strengthen the Ability of Target Issuers and their Shareholders to Respond to Hostile Take-Over Bids Following a lengthy process involving each of the...more

Finish Line in Sight: New Take-Over Bid Rules Are Coming

On February 25, 2016, the Canadian Securities Administrators published final amendments to the rules governing take over bids in Canada that mark the completion of the process to enhance the quality and integrity of Canada’s...more

A constructive anomaly in Australian takeover policy 'Truth in takeovers' acceptance statements

Under current takeover policy, a 'truth in takeovers' statement can commit a target shareholder to accept a takeover bid, even when the shareholder is prohibited by law from giving a contractual commitment to accept. That is...more

Takeovers in Australia Guide

Acquisitions of controlling interests in Australian publicly listed or widely held entities are highly regulated and complex, and involve different issues depending on the nature of the proposed target, the sector in which...more

Your daily dose of financial news The Brief – 2.4.16

Beware the toxic debt hangover, a nasty side effect of years of the aggressive stimulus policies governments and central banks around the world have engaged in to ramp up their economies. Trillions of dollars of bad loans,...more

"European M&A: Multifunctional Stichtings"

The use of “stichtings,” or Dutch foundations, in the M&A context became more widely known outside of Europe in 2015 in connection with Mylan N.V.'s use of a Dutch poison pill defense against Teva's unsolicited offer. The...more

More Flexible and Efficient, with Emphasis on Stakeholder Protection: Taiwan Amends the Business Mergers and Acquisitions Act

On January 8, 2016, an amendment (the “Amendment”) to Taiwan’s Business Mergers and Acquisition Act (the “Act”) has become effective. Through this amendment, the government hopes to encourage M&A activities in Taiwan by...more

Legal Trends: Mergers & Acquisitions

The value of Canadian deals announced to date in 2015 (all figures as of December 1, 2015) totalled approximately C$374.1-billion (US$293.5-billion), reflecting a 51 per cent increase over 2014 on an annualized basis. Deal...more

Lessons from the Suncor-Canadian Oil Sands Shareholder Rights Plan Decision

On December 14, 2015, the Alberta Securities Commission (ASC) released its much anticipated decision (the Decision, Re Suncor Energy Inc., 2015 ABASC 984) concerning the 120-day shareholder rights plan adopted by Canadian Oil...more

Back to the Future: Update on Cooperative Capital Markets Regulatory System’s Approach to Take-over Bids and Issuer Bids

Under the proposed cooperative capital markets regulatory system (Cooperative System), which would create a cooperative regulator involving the federal government and the governments of British Columbia, New Brunswick,...more

What's Market? Update: Maryland REIT

For many years, it was assumed and accepted that Delaware corporate law was more advantageous to corporations than the corporate law of other states. While Delaware case law regarding corporations is still more developed...more

How Intelligence Can Fend Off Hostile Bids

David Robertson, Managing Director at K2 Intelligence explains that companies this year have become increasingly vulnerable to hostile bids but those that use intelligence as a key part of their defence are more successful at...more

Market Volatility - Reducing Bid Risk in Australia

If a takeover bidder's share price falls materially, can the bidder withdraw its bid or lower its bid price? If not, how can the bidder protect itself in a volatile market? Under Australian rules, a bidder cannot...more

2015 Nevada Business Entities Law Update

The 78th Session of the Nevada Legislature made a number of changes to provisions of Title 7 of the Nevada Revised Statutes (NRS) governing business entities, including corporations, limited liability companies and limited...more

Significant Changes Proposed to Canada’s Take-Over Bid Laws: Advantage Shifts to Target Companies

The highly anticipated amendments to the take-over bid regime in Canada have now been released by the Canadian Securities Administrators (CSA). The CSA had previously outlined the general nature of these proposed changes in a...more

Fundamental Changes to Take-over Bid Regime One Step Closer With Release of Draft Amendments

On March 31, 2015, the Canadian Securities Administrators (CSA) released draft amendments to Canada’s take over bid regulatory regime. As previously announced by the CSA in September 2014, the amendments will increase the...more

Back in the game: The rise of US M&A

US M&A is bouncing back - After a tough few years, acquisitions in the United States have seen a remarkable resurgence - The first half of 2014 saw a great dealmaking revival in the United States. Deal values...more

Canadian securities regulators reach consensus on more target-friendly take-over bid legislation

The Canadian Securities Administrators (“CSA”) have announced that they intend to publish a new proposal for changes to the regulation of take-over bids, replacing the two alternative proposals published for comment in March...more

The CSA Proposes a New Harmonized Take-Over Bid Approach

On September 11, 2014, the Canadian Securities Administrators (CSA) announced the publication of CSA Staff Notice 62-306, which contemplates a new harmonized regulatory approach to the Canadian take-over bid regime....more

Shareholder Activism in Germany Following Takeover Announcements

Over the past few years there has been a noticeable increase in the frequency of activist investors building up considerable stakes in German listed companies in the context of public takeovers. One reason for this...more

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