Appendix A: Summary Transaction Timelines
Takeover Bid Timeline – Unsolicited
D – 1 to 3 weeks
Prepare Takeover Bid Circular
Announce Transaction – Commence Offer by Advertisement and Request Shareholder List
D
D + 10 Days
Target Must Provide Shareholder List
D + 12 Days
Mail Takeover Bid Circular to Shareholders
D + 15 Days
Target to Mail Directors’ Circular
Take Up Shares and Publish Notice of Extension
D + 105 Days (earliest date unless Target Board reduces deposit period or enters into a competing transaction)
Pay for Shares Taken Up
D + 108 Days (maximum of 3 business days after take-up)
Expiration of Mandatory 10-Day Extension if Conditions Satisfied
D + 115 Days
Pay for Shares Deposited During Extension Period
D + 118 Days
Commence Squeeze-Out Procedures if Over 90% OR Commence Second-Step Going-Private Transaction if Below (see Amalgamation Timeline)
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Canadian Mergers & Acquisitions
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