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V-1.1 - Securities Act

Section 110
Disposition versions

Full text
110. “Take-over bid” means a direct or indirect offer to acquire securities that is made by a person other than the issuer of the securities and that falls in a class of offers to acquire determined by regulation.
1982, c. 48, s. 110; 1984, c. 41, s. 40; 2006, c. 50, s. 41.
110. A person proposing to make a purchase for cash of securities of a company whereby he would obtain or increase an interest of 20% or more of a class of voting securities shall proceed by way of a take-over bid.
1982, c. 48, s. 110; 1984, c. 41, s. 40.
110. A take-over bid is an operation by which a person, called the offeror, makes an offer to purchase, for his own account, all or part of the securities of an issuer, called the offeree issuer, for the purpose of obtaining or securing a dominant position in the offeree issuer.
A person is said to have a dominant position when he holds more than 20% of the voting securities of the offeree issuer. The securities owned by a person’s associate must be included in computing the percentage of the person’s holdings.
1982, c. 48, s. 110.
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