Regulation 14D1Word格式.docx
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Regulation 14D1Word格式.docx
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ofsuchclass.Regulation14E(§
240.14e-1through240.14e-8)shallapplytoanytenderofferfor
(otherthanexemptedsecurities)unlessotherwisenotedtherein.
(b)
Therequirementsimposedbysections14(d)
(1)through14(d)(7)oftheAct,Regulation14DandSchedulesTOand14D-9thereunder,andRule14e-1ofRegulation14EundertheAct,shallbedeemedsatisfiedwithrespecttoanytenderoffer,includingany
exchange
offer,forthe
ofan
incorporatedororganizedunderthelawsofCanadaoranyCanadianprovinceorterritory,ifsuch
isa
foreignprivateissuer
andisnotaninvestmentcompanyregisteredorrequiredtoberegisteredunderthe
InvestmentCompanyActof1940,iflessthan40percentoftheclassof
outstandingthatisthesubjectofthetenderofferisheldbyU.S.holders,andthetenderofferissubjectto,andthebiddercomplieswith,thelaws,regulationsandpoliciesofCanadaand/oranyofitsprovincesorterritoriesgoverningtheconductoftheoffer(unlessthebidderhasreceivedanexemption(s)from,andthetenderofferdoesnotcomplywith,requirementsthatotherwisewouldbeprescribedbyRegulation14Dor14E),providedthat:
(1)
Inthecaseoftenderofferssubjectto
section14(d)
(1)of
theAct,wheretheconsiderationforatenderoffersubjecttothissectionconsistssolelyofcash,theentiredisclosuredocumentordocumentsrequiredtobefurnishedtoholdersoftheclassof
tobeacquiredshallbefiledwiththeCommissiononSchedule14D-1F(§
240.14d-102)anddisseminatedtoshareholdersofthesubjectcompanyresidinginthe
UnitedStates
inaccordancewithsuchCanadianlaws,regulationsandpolicies;
or
(2)
Wheretheconsiderationforatenderoffersubjecttothissectionincludes
ofthebiddertobeissuedpursuanttotheoffer,any
registrationstatement
and/or
prospectus
relatingtheretoshallbefiledwiththeCommissionalongwiththeSchedule14D-1Freferredtoinparagraph(b)
(1)ofthissection,andshallbedisseminated,togetherwiththe
homejurisdiction
document(s)accompanyingsuchSchedule,toshareholdersofthesubjectcompanyresidinginthe
inaccordancewithsuchCanadianlaws,regulationsandpolicies.
Notes:
1.Forpurposesofanytenderoffer,includingany
offer,otherwiseeligibletoproceedinaccordancewithRule14d-1(b)undertheAct,the
ofthesubject
willbepresumedtobea
andU.S.holderswillbepresumedtoholdlessthan40percentofsuchoutstanding
securities,unless(a)theaggregatetradingvolumeofthatclassonnational
exchangesinthe
andon
NASDAQ
exceededitsaggregatetradingvolumeon
exchangesinCanadaandontheCanadianDealingNetwork,Inc.(“CDN”)overthe12calendarmonthperiodpriortocommencementofthisoffer,orifcommencedinresponsetoaprioroffer,overthe12calendarmonthperiodpriortothecommencementoftheinitialoffer(basedonvolumefigurespublishedbysuchexchangesand
andCDN);
(b)themostrecentannualreportorannualinformationformfiledorsubmittedbythe
with
regulatorsofOntario,Quebec,BritishColumbiaorAlberta(or,ifthe
ofthesubjectsecurities
isnotareporting
inanyofsuchprovinces,withanyotherCanadian
regulator)orwiththeCommissionindicatesthatU.S.holdershold40percentormoreoftheoutstandingsubjectclassof
securities;
or(c)theofferor
hasactualknowledgethatthelevelofU.S.ownershipequalsorexceeds40percentofsuch
securities.
2.NotwithstandingthegrantofanexemptionfromoneormoreoftheapplicableCanadianregulatoryprovisionsimposingrequirementsthatotherwisewouldbeprescribedbyRegulation14Dor14E,thetenderofferwillbeeligibletoproceedinaccordancewiththerequirementsofthissectioniftheCommissionby
order
determinesthattheapplicableCanadianregulatoryprovisionsareadequatetoprotecttheinterestofinvestors.
(c)
TierI.
Anytenderofferforthe
ofa
asdefinedin§
240.3b-4
isexemptfromtherequirementsofsections14(d)
(1)through14(d)(7)oftheAct(15U.S.C.78n(d)
(1)
through78n(d)(7)),Regulation14D(§
through240.14d-10)andSchedulesTO(§
240.14d-100)and14D-9(§
240.14d-101)thereunder,and§
240.14e-1
and
240.14e-2of
Regulation14EundertheActifthefollowingconditionsaresatisfied:
U.S.ownershiplimitation.
Exceptinthecaseofatenderofferthatiscommencedduringthependencyofatenderoffermadebyapriorbidderinrelianceonthisparagraphor§
240.13e-4(h)(8),U.S.holdersdonotholdmorethan10percentoftheclassof
soughtintheoffer(asdeterminedunderInstructions2or3toparagraphs(c)and(d)ofthissection).
Equaltreatment.
ThebiddermustpermitU.S.holderstoparticipateintheofferontermsatleastasfavorableasthoseofferedanyotherholderofthesameclassof
thatisthesubjectofthetenderoffer;
however:
(i)
Registeredexchangeoffers.
Ifthebidderoffers
registeredunderthe
SecuritiesActof1933
(15U.S.C.77a
etseq.),thebidderneednotextendtheoffertosecurityholdersinthosestatesorjurisdictionsthatprohibittheofferorsaleofthe
afterthebidderhasmadeagoodfaithefforttoregisterorqualifytheofferandsaleof
inthatstateorjurisdiction,exceptthatthebiddermustofferthesamecashalternativetosecurityholdersinanysuchstateorjurisdictionthatithasofferedtosecurityholdersinanyotherstateorjurisdiction.
(ii)
Exemptexchangeoffers.
exemptfromregistrationunder§
230.802
ofthischapter,thebidderneednotextendtheoffertosecurityholdersinthosestatesorjurisdictionsthatrequireregistrationorqualification,exceptthatthebiddermustofferthesamecashalternativetosecurityholdersinanysuchstateorjurisdictionthatithasofferedtosecurityholdersinanyotherstateorjurisdiction.
(iii)
Cashonlyconsideration.
ThebiddermayofferU.S.holdersonlyacashconsiderationforthetenderofthesubject
securities,notwithstandingthefactthatthebidderisofferingsecurityholdersoutsidethe
aconsiderationthatconsistsinwholeorinpartof
ofthebidder,solongasthebidderhasareasonablebasisforbelievingthatthe
amount
ofcashissubstantiallyequivalenttothevalueoftheconsiderationofferedtonon-U.S.holders,andeitherofthefollowingconditionsaresatisfied:
(A)
Theofferedsecurityisa“marginsecurity”withinthemeaningofRegulationT(12CFR
220.2)andtheissuer
undertakestoprovide,upontherequestofany
U.S.holder
ortheCommissionstaff,theclosingpriceanddailytradingvolumeofthesecurityontheprincipaltradingmarketforthesecurityasofthelasttradingdayofeachofthesixmonthsprecedingtheannouncementoftheofferandeachofthetradingdaysthereafter;
(B)
Iftheofferedsecurityisnota“marginsecurity”withinthemeaningofRegulationT(12CFR
220.2)theissuer
ortheCommissionstaff,anopinionofanindependentexpertstatingthatthecashconsiderationofferedtoU.S.holdersissubstantiallyequivalenttothevalueoftheconsiderationofferedsecurityholdersoutsidethe
UnitedStates.
(iv)
Disparatetaxtreatment.
Ifthebidderoffersloannotessolelytooffersellerstaxadvantagesnotavailableinthe
andthesenotesareneither
listed
onanyorganized
marketnorregisteredundertheSecuritiesActof1933
etseq.),theloannotesneednotbeofferedtoU.S.holders.
(3)
Informationaldocuments.
(i)ThebiddermustdisseminateanyinformationaldocumenttoU.S.holders,includinganyamendmentsthereto,inEnglish,onacomparablebasistothatprovidedtosecurityholdersinthehomejurisdiction.
Ifthebidderdisseminatesbypublicationinits
homejurisdiction,thebiddermustpublishtheinformationinthe
inamannerreasonablycalculatedtoinformU.S.holdersoftheoffer.
Inthecaseoftenderoffersfor
describedin
theAct(15U.S.C.78n(d)
(1)),ifthebidderpublishesorotherwisedisseminatesaninformationaldocumenttotheholdersofthe
inconnectionwiththetenderoffer,thebiddermustfurnishthatinformationaldocument,includinganyamendmentsthereto,inEnglish,totheCommissiononFormCB(§
249.480
ofthischapter)bythefirstbusinessdayafterpublicationordissemination.Ifthebidderisaforeigncompany,itmustalsofileaFormF-X(§
239.42ofthischapter)withtheCommissionatthesametimeasthesubmissionofFormCBtoappointanagentforserviceinthe
(4)
Investmentcompanies.
The
thatarethesubjectofthetenderofferisnotaninvestmentcompanyregisteredorrequiredtoberegisteredunderthe
InvestmentCompanyActof1940
(15U.S.C.80a-1
etseq.),otherthanaregisteredclosed-endinvestmentcompany.
(d)
TierII.
A
person
conductingatenderoffer(includingany
offer)thatmeetstheconditionsinparagraph(d)
(1)ofthissectionshallbeentitledtotheexemptivereliefspecifiedinparagraph(d)
(2)ofthisse
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