Open AccessMerger and Acquisition Strategies
Author(s) -
Richard A. Shaw
Publication year - 1996
Publication title -
alberta law review
Language(s) - English
Resource type - Journals
eISSN - 1925-8356
pISSN - 0002-4821
DOI - 10.29173/alr659
Subject(s) - legislation , treasury , tender offer , accounting , commission , mergers and acquisitions , business , law and economics , finance , law , economics , political science , corporate governance , shareholder
This article examines merger and acquisition strategies under corporate securities legislation of the Provinces of Alberta and Ontario and the corporate legislation of Canada. The author begins by defining terms that are integral to mergers and acquisitions and then moves on to discuss some preliminary considerations. Four takeover alternatives are presented: (1) purchase of treasury shares by private agreement; (2) exempt takeover by private agreement; (3) formal takeover bid; and (4) negotiated acquisition by amalgamation or arrangement. For each of these alternatives the author first looks at procedural and technical requirements, and then discusses the advantages and disadvantages of the particular procedure. The author then reviews the impact of the Ontario Securities Commission Policy No. 9.1 on merger and acquisition strategies. Finally, the author briefly looks at the multijurisdictional disclosure system adopted in Canada and the United States.