136. Where the board of directors of an offeree company is considering making a recommendation after the sending of the circular provided for in section 134, it shall mention that fact in the circular. It may then recommend that the security holders not tender their securities until further communication is received from the board.
Where the board recommends that holders await further communication, it shall, not later than seven days before the bid expires, communicate to them its substantiated recommendation or, if it decides not to make a recommendation, its reasons therefor.
1982, c. 48, s. 136; 1984, c. 41, s. 40.