Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Tag Archives: Take-Over Bids

Hostile Bids on Ice: Canadian Hostile Bid Activity Trends Substantially Lower

Posted in Contested Situations
In May 2016, sweeping changes to the Canadian take-over bid regime came into effect.  The stated purpose of the new rules included the goal of rebalancing the dynamics between hostile bidders and target boards by extending the minimum bid period to 105 days, and mandating a 50% mandatory minimum tender condition and a ten-day extension… Continue Reading

Total Energy’s Take-over Bid for Savanna Energy: Developments and Defensive Tactics

Posted in Mergers & Acquisitions
Background On November 23, 2016, Total Energy Services Inc. (Offeror) disclosed its intention to make an offer (Offer) to purchase all of the issued and outstanding common shares (Target Shares) of Savanna Energy Services Corp. (Target) for consideration consisting of common shares of the Offeror (Offeror Shares). The Target responded in two press releases, dated… Continue Reading