• Decision on Timely Disclosure of Merger Negotiations Released by the Ontario Securities Commission
  • April 18, 2008 | Authors: Francis R. Legault; Geoffrey G. Gilbert; Anne-Marie Naud
  • Law Firms: Ogilvy Renault LLP - Montreal Office; Ogilvy Renault LLP - Ottawa Office; Ogilvy Renault LLP - Quebec Office ; Ogilvy Renault LLP - London Office ; Ogilvy Renault LLP - Montreal Office
  • On January 14, 2008, the Ontario Securities Commission (the "Commission") issued its decision In the Matter of AiT Advanced Information Technologies Corporation ("AiT"), Bernard Jude Ashe ("Ashe") and Deborah Weinstein ("Weinstein"). This decision provides guidance for parties to a proposed M&A transaction as to when merger negotiations constitute a "material change" within the meaning of the Securities Act (Ontario) (the "Act") and must be publicly disclosed.