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Poison pill cease-traded as target board had sufficient time to assess competing proposals.
Yamana Gold Inc. brought an application to cease-trade the shareholder rights plan (poison pill) of Meridian Gold Inc. amid a hostile takeover bid.
The Ontario Securities Commission determined that Meridian's board had sufficient time to respond to the bid and assess any competing proposals.
The Commission ordered the poison pill cease-traded effective September 11, 2007, on the condition that Yamana extended its bid to the same date.
