2112. Take-over bids or amalgamations

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    1. A Dealer Member or its holding company must obtain at least two separate valuations of its securities if they are distributed through a transaction such as a take‑over bid or amalgamation resulting in a publicly traded market for the securities. 
    2. Qualified independent underwriters or chartered accountants must prepare the valuations and summaries. A qualified independent underwriter participating in the distribution may prepare the valuations and summaries.
    3. Subsection 2112(1) does not apply if:
      1. securities with identical attributes have been trading on an acceptable exchange in Canada for at least six months before the transaction, or
      2. the circumstances of the transaction, such as the terms of the transaction, were arrived at through arm’s length negotiations and the applicable District Council, or its delegate, determines that valuations are not required.

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