CPA · Business Corporations Act
Part 16 — Take-over Bids - Compulsory Purchase
196 Offeror's notices
by sending within 60 days after the date of termination of the
take-over bid and in any event within 180 days after the date of the
take-over bid, an offeror's notice to each dissenting offeree stating
that
(a) the offerees holding not l ess than 90% of the shares to
which the bid relates have accepted the take-over bid,
(b) the offeror is bound to take up and pay for or has taken u p
and paid for the shares of the offerees who accepted the
take-over bid,
(c) a dissenting offer ee is required to elect
(i) to transfer the offeree's shares to the offeror on the ter ms
on which the offeror acquired the shares of the offerees
who accepted the take-over bid, or
RSA 2000
(ii) to demand payment of the fair value of the offeree's
shares
(A) by notifying the offeror, and
(B) repealed 2005 c8 s45,
within 20 days after the off eree receives the offeror's notice,
(d) a dissenting offeree who do es not notify the offeror is
deemed to have elected to transfer the offeree's shares to the
offeror on the same terms that the offeror acquired the
shares from the offerees who accepted the take-over bid, and
(e) a dissenting offeree shall send the share certificates of the
class of shares to which the take-over bid relates to the
offeree corporation within 20 days after the offeree receives
the offeror's notice.
(2) Concurrently with sending the offeror's notice under
subsection (1), the offeror shall send or deliver to the offeree
corporation a copy of the offeror's notice, which constitutes a
demand under section 88(1) of the Securities Transfer Act that the
offeree corporation not register a transfer with respect to each share
held by a dissenting offeree.
RSA 2000 cB-9 s196;2006 cS-4.5 s106;2021 c18 s49