In some definitions and elsewhere in the Instrument, reference is made to a transaction in which a related party would “directly or indirectly acquire the issuer … through an amalgamation, arrangement or otherwise, whether alone or with joint actors”. This refers to the acquisition of all of the issuer, not merely the acquisition of a control position. For example, a related party “acquires” an issuer when it acquires all of the securities of the issuer that it does not already own, even if that related party held a control position in the issuer prior to the transaction.
