https://www.bennettjones.com/-/media/Files/BennettJones/Publications/Bennett-Jones--Public-Mergers-and-Acquisition-In-Canada--2nd-Edition-62Page.pdf
Take-Over Bids
Page 12
A bid can remain open as long as the acquirer wishes. Where the initial deposit period has expired, no securities can be taken up unless all of its terms and conditions have been met under the
bid and more than 50% of the outstanding securities of the target subject to the bid, not including securities the acquirer already owns, have been tendered and not withdrawn from the bid. If after the initial deposit period the conditions of the bid are met and the bidder is obligated to take up securities deposited under its bid, it must extend its offer for 10 days and issue and file a press release disclosing this information. Securities must be taken up upon expiry of the initial deposit period if all conditions to the bid have been met and payment for such securities must be made within 3 business days of the securities being taken up.