119(1)An offeror shall not, except pursuant to a take-over bid or issuer bid, sell or make or enter into any agreement, commitment or understanding to sell any securities of the class subject to the bid on and from the day of the announcement of the offeror’s intention to make the bid until its expiry.

119(2)Notwithstanding subsection (1), an offeror may, before the expiry of a bid, make or enter into an arrangement, commitment or understanding to sell securities that may be taken up after the expiry of the bid by the offeror pursuant to the bid if the intention to sell is disclosed in the take-over bid circular or issuer bid circular, as the case may be.