• AiT and Disclosure of Mergers and Acquisitions Negotiations
  • September 23, 2008 | Author: Sharon C. Geraghty
  • Law Firm: Torys LLP - Toronto Office
  • The facts and issues at play in the AiT case were well-known to the securities law bar long before the Ontario Securities Commission released its decision. The case raised the difficult question of when an issuer must disclose that it is negotiating a material merger or acquisition. The allegations suggested that enforcement staff had a different understanding from practitioners regarding the application of the relevant legal rules. However, the Commission's decision in the case was generally consistent with the current practices and approach of practitioners.