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Message: When do you think we get an offer?
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You are correct about the financing in Canada...........

In Canada, cash bids must be fully financed (at announcement, commitment

letter signed, fee paid). This is in contrast to tender offers in the U.S., which

can be conditional on financing

• Offeror must make adequate arrangement before the bid to ensure that the

required funds are available....

.http://www.dwpv.com/images/Canadian_Mergers__Acquisitions_Guide_-_English_(4th_edition)_ewlr.pdf

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