On July 21, 2011, the Competition Bureau (the "Bureau") released two new Interpretation Guidelines (the “Interpretation Guidelines”) setting out the Bureau's approach to notifiable transactions in the context of unsolicited or hostile transactions.

"Hostile Transactions Interpretation Guideline Number I: Bureau Policy on Disclosure of Information" replaces a June, 2010 policy statement and states that while the Bureau generally protects information provided to or obtained by it under the Act, in the context of a hostile transaction it is obliged to immediately advise a target entity of receipt of a notification filing from a bidder. This guideline also states that the Bureau will provide information typically disclosed in the context of a non-hostile transaction (such as the complexity designation of the transaction, the anticipated timing of the Bureau's review, etc.) to both the target and the bidder in an equitable manner, subject to statutory restrictions on the disclosure of confidential information.

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