134. The board of directors of the offeree company shall cause a circular prepared in the form prescribed by regulation to be sent within the time fixed by regulation, to the holders of securities of the class sought by the bid and to the holders of securities carrying the right to purchase, during the offer, securities of that class, if they are resident in Québec according to the addresses entered in the records of the offeree company or are resident in Québec in fact and make a request therefor.
The circular may contain a substantiated notice recommending that the security holders accept or reject the offer they have received. If, however, the board decides not to make a recommendation, the absence of any recommendation must be explained.
1982, c. 48, s. 134; 1984, c. 41, s. 40; 2001, c. 38, s. 44.