While the Canadian Securities Administrators’ (CSA) proposed changes to the hostile take-over bid regime have been discussed extensively in Canada, a series of similar legislative changes in France have received relatively little coverage. Although attained by different means, both changes point towards a potential shift in power from hostile bidders and activist shareholders to target boards. While the full extent of these changes have yet to materialize, an understanding of both regimes will help readers analyze their impacts and apply them to the Canadian context.
Canada: Proposed Measures
On March 31, 2015, the CSA published proposed amendments to Canada’s take-over … Continue Reading