Acting Jointly or in Concert

Summary

This practice note provides an overview of the meaning of ”acting jointly or in concert” primarily in the context of takeover bids and issuer bids, as well as proxy contests. The rules surrounding “acting jointly or in concert” under Canadian securities law are set out in National Instrument 62-104 Take-Over Bids and Issuer Bids (“NI 62-104”) and are intended to prevent parties from circumventing takeover bid and issuer bid requirements by acting in concert to acquire securities while under key bid thresholds and thereby avoiding key bid obligations, including disclosure.