For clarity.   My read is that anyone taking over a Canadian publicly traded company needs 50% or greater of the shares they don't own or control.  Maybe one of the lawyers can chime in here.

... Been There

https://www.mondaq.com/advicecentre/content/3248/Canadian-Take-Over-Bid-Rules-Overview-Part-I  ''Rules for Non-Exempt Bids. In general, unless exempt, a take-over bid must be made to all shareholders on identical terms (i.e. with no ‘collateral benefit’ to any holder) and all holders must be offered identical consideration (or the same choice of consideration) and the bid must be open for acceptance for at least 105 days. The take-over bid is subject to a minimum tender condition that requires more than 50% of the outstanding securities owned by persons (other than the bidder and any joint actors) must be tendered (my emphasis) and not withdrawn before the bidder can acquire the securities pursuant to the bid. Further, the bid period must be extended by 10 days after the minimum tender condition, and all other conditions of the bid, have been satisfied or waived. The bidder must provide target company security holders (and holders of convertible securities) with a bid circular containing prescribed information about the offer including, if securities form part of the consideration being offered, prospectus-level disclosure about the acquiror or other person whose securities are being offered. The directors of the target company must also send a circular to target company securityholders that includes the board’s recommendation regarding the bid, or an explanation why the board is declining to make a recommendation."