Acquisitionco acquires all the shares of Pubco, which are widely held, at the time that a wholly-owned subsidiary of Pubco (Subco) holds the Asset which is to be bumped. Pubco, then Subco, are wound up into Acquisitionco.
The parenthetical exception in s. 88(1.70 would be considered to apply as Acquisitionco would be considered to have acquired control of Pubco as a result of transactions with persons with whom it dealt at arm's length. (Otherwise the taxable dividends paid by Subco to Pubco prior to its acquisition by Acquisitionco would reduce the amount of the bump under s. 88(1)(d)(i.1).)