Aurora/CanniMed: Canadian securities regulators provide guidance on takeover bids in Canada – Expect to see more hard lock-ups and fewer tactical poison pills

The Ontario and Saskatchewan securities regulators (the Commissions) have released their reasons in connection with the unsolicited bid of Aurora for CanniMed (the Reasons). Below, members of our Special Situations team set out some of the key lessons of the decision. Key Takeaways expect to see an increased use of hard lock-ups (that is, lock-ups in which a shareholder agrees to tender shares even if a superior bid comes along), which will provide bidders with reduced risk during the new 105-day bid period well-structured hard lock-ups do not necessarily result in target shareholders being joint actors with the bidder tactical shareholder rights plans or poison pills will likely have limited uses going forward ultimately, regulators expect the new takeover bid regime to emphasize target shareholder choice regulators will insist on strict compliance with the new takeover bid regime Quick Background Aurora Cannabis Inc. launches unsolicited bid for CanniMed Therapeutics Inc. and…

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