A Plan of Arrangement frequently provides for an exchange of securities of a "target company" for property, money or securities of a third party. A proposal is made to shareholders in their capacity as the decision-making body of the target corporation. A Plan of Arrangement is distinguished from a take-over bid in that take-over bids involve an offer to shareholders in their individual capacities for the purchase of their shares in the target corporation. Published in Corporate Litigation, Volume VII, No. 1, 2004.