121. A take-over bid made in accordance with the rules established by another legislative authority that are deemed equivalent by the Authority is exempt from the provisions of Chapters III and IV, to the extent that the following conditions are met:
(1) there are fewer than 50 holders of securities of the class sought by the offer who are resident in Québec according to the addresses entered in the records of the offeree company or in the records of dealers acting as nominee;
(2) the holders resident in Québec own less than 2 % of the securities of that class;
(3) the offeror has sent to the holders resident in Québec and has filed with the Authority all the documents prescribed under the applicable law;
(4) the offeror has made the offer to the holders resident in Québec on the same conditions as to other holders.
The offeror has an obligation to inquire of the clearing house as to the nominees who are listed as holders of securities of the company concerned and to inquire of the nominees who have an establishment in Québec as to the number of beneficial holders who reside in Québec. The clearing house and the nominees have an obligation to provide the requested information.
1982, c. 48, s. 121; 1984, c. 41, s. 40; 1987, c. 40, s. 31; 1992, c. 35, s. 6; 2002, c. 45, s. 696; 2004, c. 37, s. 90.