Competition Act

Marginal note:Time when transaction may not proceed

• 123 (1) A proposed transaction referred to in section 114 shall not be completed before the expiration of

  • (a) fourteen days after the day on which information required under section 114 has been received by the Commissioner, where the information is prescribed short form information and the Commissioner has not, within that time, required prescribed long form information to be supplied under that section,

  • (b) except as provided in paragraph (c), forty-two days after the day on which information required under section 114 has been received by the Commissioner, where the information is prescribed long form information, or

  • (c) where the proposed transaction is an acquisition of voting shares that is to be effected through the facilities of a stock exchange in Canada and the information supplied is prescribed long form information, twenty-one trading days, or such longer period of time, not exceeding forty-two days, as may be allowed by the rules of the stock exchange before shares must be taken up, after the day on which the information required under section 114 has been received by the Commissioner,

  unless the Commissioner or a person authorized by the Commissioner, before the expiration of that time, notifies the persons who are required to give notice and supply information that the Commissioner does not, at that time, intend to make an application under section 92 in respect of the proposed transaction.

• Marginal note:Acquisition of voting shares

  (2) In the case of an acquisition of voting shares to which subsection 114(3) applies, the periods of time referred to in subsection (1) shall be determined without reference to the day on which the information required under section 114 is received by the Commissioner from the corporation whose shares are being acquired.