Competition Mergers & Acquisitions - Recent Developments Of Importance

Antitrust review of mergers in Canada has evolved over the past decade and a half from a relatively obscure administrative process into a critical component of transactions that involve competitors. Merging parties and other market participants are approaching these issues in an increasingly sophisticated and strategic manner, as can be seen from several recent private equity and public market transactions.

In private M&A deals, vendors and their advisers have refined auction processes to shift leverage away from any one potential purchaser in order to maximize value for the vendor. It is now commonplace for vendors to table a proposed agreement of purchase and sale containing provisions to ensure that the transaction receives expeditious regulatory review: