130. Where the initial terms of a take-over bid are varied and where a change has occurred, either during the bid or after the offer is closed, but before the expiry of the period allotted for withdrawal of the securities, in the facts on which the circular is based and the change is such that it may affect the holders’ decision to accept or refuse the offer, the offeror is bound to notify the holders of securities that have not been deposited or taken up, the Authority, and the offeree company.
The notice shall be given even where the variation in the terms results from the exercise of a right contained in the bid.
Notwithstanding the foregoing, the terms of the bid shall not be varied after the expiry of the bid except the waiver of a term for which the offeror had made a stipulation to the effect that it could be waived unilaterally by him; such waiver is possible only where the consideration offered by the offeror consists solely of cash. In that case, the notice of variation shall be replaced by a press release, which must be issued and filed with the Authority within the period fixed by regulation.
1982, c. 48, s. 130; 1984, c. 41, s. 40; 1987, c. 40, s. 8; 2001, c. 38, s. 42; 2002, c. 45, s. 696; 2004, c. 37, s. 90.