127(1)Where, after a formal bid has been made for voting or equity securities of an offeree issuer that is a reporting issuer and before the expiry of the bid, an offeror, other than the person making the bid, acquires beneficial ownership of, or the power to exercise control or direction over, securities of the class subject to the bid which, when added to such offeror’s securities of that class, constitute 5% or more of the outstanding securities of that class, the offeror shall not later than the opening of trading on the next business day, issue a news release containing the information prescribed by regulation, and, without delay, shall file a copy of the news release.

127(2)Where an offeror that has filed a news release under subsection (1) or a further news release under this subsection or any person acting jointly or in concert with the offeror acquires beneficial ownership of, or control or direction over, securities of the class subject to the bid which, when added to the securities of that class acquired after the filing of the news release by the offeror and any person acting jointly or in concert with the offeror, aggregates an additional 2% or more of the class of outstanding securities, the offeror shall not later than the opening of trading on the next business day, issue a further news release containing the information prescribed by regulation, and, without delay, shall file a copy of the news release.