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TSX to Require Shareholder Approval for Dilutive Public Company Acquisitions by Matthew W. Cockburn
Torys LLP - Toronto Office
Sharon C. Geraghty
Torys LLP - Toronto Office
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September 28, 2009
Previously published on September 28, 2009
The Toronto Stock Exchange has amended its rules to require listed companies to obtain shareholder approval when acquiring another public company if the transaction involves issuing more than 25% of the listed company's outstanding shares (on a non-diluted basis). While TSX originally proposed a 50% threshold dilution level, it adopted the lower 25% threshold in part to make the new rule for public company acquisitions the same as the existing rule for private company acquisitions.
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