Issue link: https://www.e-digitaleditions.com/i/1238652
Lawson Lundell LLP 19 Summary of Key Hostile Bid Events Single Bidder Transactions Suncor/Canadian Oilsands - 2016 Purchaser announces its intention to make an offer for Target for stock and files its take-over circular (October, 2015) Purchaser initiates regulatory challenge of Target's rights plan (November, 2015) Alberta Securities Commission orders early termination of Target's rights plan (November, 2015) Target announces a friendly cash deal with Purchaser and Purchaser increases its share consideration (January, 2016) Purchaser completes initial take-up of 73% of Target's shares (February, 2016) Purchaser completes acquisition of all of Target's shares by amalgamation squeeze out (March, 2016) Velvet/Ironbridge - 2018 Purchaser announces its intention to make an offer for Target for cash (May, 2018) Purchaser files its take-over bid circular (May, 2018) Target announces a friendly cash deal with Purchaser and Purchaser increases its cash consideration (September, 2018) Purchaser completes initial take-up of 82% of Target's shares (September, 2018) Purchaser completes acquisition of all of Target's shares by amalgamation squeeze out (November, 2018) Two Bidder Transactions Total (First Purchaser)/Western (Second Purchaser)/Savanna (Target) - 2016 First Purchaser announces its intention to make an offer for Target, paying stock and cash and announces support agreements with 43% of Target's shareholders (November, 2016) First Purchaser files its take-over bid circular (December, 2016) First Purchaser obtains shareholder approval for issuance of shares in connection with the completion of its bid (February, 2017) First Purchaser increases share consideration and adds cash consideration (February, 2017) Target announces a friendly all-stock deal with Second Purchaser, supported by 13% of Target's shareholders (March, 2017) Second Purchaser adds cash consideration to its consideration (March, 2017) First Purchaser acquires 52% of Target's shares (March, 2017) Second Purchaser friendly deal with Target is terminated (March, 2017) First Purchaser completes acquisition of all of Target's shares by amalgamation squeeze out (June, 2017) Ensign (First Purchaser)/Precision (Second Purchaser)/Trinidad (Target) - 2018 First Purchaser announces its intention to make an offer for Target, paying cash and discloses ownership of just more than 10% of Target's shares (August, 2018) First Purchaser files its take-over bid circular (August, 2018) Target announces a friendly all-stock deal with Second Purchaser (October, 2018) Target waives its rights plan (November, 2018) First Purchaser accelerates the expiry of its rights plan (November, 2018) First Purchaser acquires 56% of Target's shares (November, 2018) Second Purchaser terminates its deal with Target (November, 2018) First Purchaser completes acquisition of all of Target's shares by amalgamation squeeze out (January, 2019)