Chapter 5: Fundamental Transactions and Takeover Regulations
Part B: General rules respecting negotiations and offers

R96: Conditional offers

An offer must not be subject to any condition:
  • (a) that depends solely on subjective judgment by the directors, or equivalent, of the offeror; or
    • (b) if the directors, or equivalent, of the offeror are able to control whether or not the condition will be fulfilled.

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