Appendix TMA-D Offeree Board Circular

The offeree board circular must include the following regarding the view of the board:

(a) The names of the directors of the offeree company;
(b) The recommendation of the directors as to whether they accept or reject the offer, or a statement that the directors are unable to make a recommendation, in addition to their reasons for giving the recommendation or for making no recommendation; and
(c) A copy of the written advice of the offeree company's financial advisors.
Amended: April 2013