Canada's New Protectionism Will Shape M&A

Bidders will face more hurdles as Canadian rules are changing to empower targets. These changes come at a time of increased government skepticism about certain types of foreign investment and heightened popular and political concerns regarding foreign takeovers of domestic businesses. M&A deals in Canada will continue to get done, but acquirors will need to proactively tailor strategies to address emerging regulatory hurdles and a new wave of protectionism.

Empowering Boards: Canadian Takeover Bid Reform Evolves

There is a perception that Canada's takeover bid regime is "bidder-friendly" because once a Canadian company is put into play, it typically changes hands—either in favour of the hostile bidder or a white knight. Recent proposals by Canadian securities regulators were intended to address concerns about the limited ability of target boards to respond to hostile bids.