Merger Notification And Foreign Investment Review Thresholds Revised Upward For 2015

On February 2, 2015, the Competition Bureau announced an increase in the notifiable transaction-size threshold to C$86-million, a modest increase from the 2014 C$82-million threshold. The pre-merger notification transaction-size threshold is reviewed annually in accordance with the indexing mechanism set out in the Canadian Competition Act to reflect changes in Canada's gross domestic product. This new threshold for 2015 will come into effect immediately following publication in the Canada Gazette, which is expected to occur on February 7, 2015.

Upon the new threshold taking effect, the Competition Bureau must generally be given advance notice of proposed transactions when:

• the book value of the target's assets in Canada or revenues from sales in or from Canada generated from those assets (as reflected in the most recent audited financial statements) exceed C$86-million; and