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62-504, Take-Over Bids and Issuer Bids

Effective date:

May 9, 2016, except for subsequent amendments.

Published by the OSC:

December 14, 2007



This Ontario rule is primarily designed to harmonize with Multilateral Instrument, 62-104, Take-Over Bids and Issuer Bids, and clarify the requirements and formalize certain take-over bids and issuer bids exemptions. A take-over bid is an offer to acquire the outstanding voting or equity securities of a class made to a person or company in a Canadian province or whose last address on the books of the target is in such province, where the securities subject to the offer, together with the securities of the same class that are already held by the offer or, constitute 20% or more of the outstanding securities of the class.

The take-over bid requirements apply only to offers for (i) voting securities, which are those carrying a voting right either under all circumstances, or under limited circumstances that have occurred and are continuing, and (ii) equity securities, which are those carrying a residual right to participate in the earnings of an issuer and, upon its liquidation or winding-up, in its assets.

Recent developments





February 25, 2016

Amendments to NI 62-104 and related instruments

Regulation 62-504 to be withdrawn. Ontario will instead adopt Multilateral Instrument, 62-104, Take-Over Bids and Issuer Bids, as amended.

In Ontario, the amendments will come into force on the later of (a) May 9, 2016, and (b) the day on which certain sections of Schedule 18 of the Budget Measures Act, 2015 (Ontario) are proclaimed into force.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For details on the history of this Instrument, please refer to the OSC’s Web site.

Amendments under consideration

  • None

Correction list for hyphenation

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