Happy Anniversary NI 62-104! A Case Study in Canada's new takeover bid regime. 

By Bill Zawada, Vice President, Business Development

In light of the one year anniversary of Canada’s new takeover bid regime (as set out in National Instrument 62-104 Take-Over Bids and Issuer Bids) that took effect in May 2016, requiring, among other things, that bids must remain open for at least 105 days (subject to certain exceptions), we thought it would be beneficial to review in detail one of the unique and most interesting unsolicited bids from year one, namely the Total Energy Services Inc. (“Total”) hostile offer (“Offer”) for Savanna Energy Services Corp. (“Savanna”).

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