CRA finds that a s. 251(5)(b) right does not vitiate the actual control by the share owner

Where a CCPC (Bco) makes a binding offer to purchase all the shares of a subsidiary (Aco) of a public corporation, the fact that s. 251(5)(b) may apply at that time to now deem Bco to control Aco does not detract (in light of Ekamant) from the actual control of Aco at that time by the public corporation.  Accordingly, Aco will not become a CCPC, and s. 249(4) (or 256(9)) will not apply, until the offer closes.

Neal Armstrong. Summary of 27 March 2014 T.I. 2014-0524851E5 F under s. 249(3.1).