Competition Act

Marginal note:Notice of proposed transaction

• 114 (1) Subject to this Part, the parties to a proposed transaction shall, before the transaction is completed, notify the Commissioner that the transaction is proposed and supply the Commissioner with the prescribed information in accordance with this Part, if

  • (a) a person, or two or more persons pursuant to an agreement or arrangement, propose to acquire assets in the circumstances set out in subsection 110(2), to acquire shares in the circumstances set out in subsection 110(3) or to acquire an interest in a combination in the circumstances set out in subsection 110(6);

  • (b) two or more entities propose to amalgamate in the circumstances set out in subsection 110(4); or

  • (c) two or more persons propose to form a combination in the circumstances set out in subsection 110(5).

• Marginal note:Additional information

  (2) The Commissioner or a person authorized by the Commissioner may, within 30 days after receiving the prescribed information, send a notice to the person who supplied the information requiring them to supply additional information that is relevant to the Commissioner’s assessment of the proposed transaction.

• Marginal note:Contents of notice

  (2.1) The notice shall specify the particular additional information or classes of additional information that are to be supplied.

• Marginal note:Unsolicited bid

  (3) If a proposed transaction is an unsolicited or hostile take-over bid in respect of an entity and the Commissioner receives prescribed information supplied under subsection (1) by a person who has commenced or has announced an intention to commence a take-over bid, the Commissioner shall, if he or she has not already received the prescribed information from the entity, immediately notify the entity that the Commissioner has received the prescribed information from that person and the entity shall supply the Commissioner with the prescribed information within 10 days after being so notified.

• Marginal note:Notice and information

  (4) Any of the persons required to give notice and supply information under this section may

  • (a) if duly authorized to do so, give notice or supply information on behalf of and in lieu of any of the others who are so required in respect of the same transaction; or

  • (b) give notice or supply information jointly with any of those others.