Category: Mergers & Acquisitions

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Selected Tax Measures from the 2018 Fall Economic Statement: Changes for Capital Assets, Canadian Journalism

November 22, 2018

On November 21, 2018, Canada’s Finance Minister Bill Morneau presented the federal government’s Fall Economic Statement (Statement), which includes significant tax changes that take effect immediately. This bulletin highlights two tax measures included in the Statement: changes to Canadian tax depreciation rates for new investments in capital assets, and measures designed to support Canadian journalism. ACCELERATED TAX DEPRECIATION FOR NEW…

Canadian Public M&A Deal Study 2018

October 19, 2018

The 10th annual Blakes Canadian Public M&A Deal Study focuses on recurring and emerging issues in the structuring and negotiation of target-supported public company acquisitions in Canada. The topics covered in the study range from overall transaction structure and timing (such as the strategic review process, the formation of special committees and the nature of fairness opinions obtained), to specific…

New TSX Rules Governing Special Purpose Acquisition Corporations Now in Effect

October 11, 2018

The Toronto Stock Exchange (TSX) announced amendments (Amendments) to Part X — Special Purpose Acquisition Corporations (SPACs) of the TSX Company Manual (Manual), which came into effect on October 4, 2018. Notable changes to the TSX SPAC rules include codifying exemptions previously provided to SPACs by the TSX and removing the requirement for shareholder approval of a qualifying acquisition subject…

Private M&A in Canada and the U.K.: 10 Considerations for Dealmakers

July 12, 2018

Prudent investors may gain an advantage by leveraging their knowledge of differences in private M&A market practices between Canadian and U.K.-style purchase agreements. While Canadian M&A takes many cues from the United States and Europe, it is not a carbon copy of either. This article provides an overview of the key differences between the two jurisdictions. 

TSX Seeks Input on Proposed Changes to Rules Governing Special Purpose Acquisition Corporations

June 14, 2018

The Toronto Stock Exchange (TSX) recently released proposed amendments (Proposed Amendments) to Part X — Special Purpose Acquisition Corporations (SPACs) of the TSX Company Manual (Manual). Notable changes include codifying exemptions previously provided to SPACs and removing the requirement for shareholder approval of a qualifying acquisition subject to certain requirements. The TSX is seeking public comments and responses to certain…

Canadian Public M&A Update

June 7, 2018

The panel reviews and discusses some of the important developments in Canadian public M&A in the past year. Topics: An update on recent trends in the Canadian public M&A market Court and securities commission decisions on bids, arrangements and the M&A process Fairness opinions in the post-Interoil world Recent initiatives by the securities regulatory authorities Guest Speaker: Naizam Kanji, Director, Office…

Mind the Gap: Merger Efficiencies in the United States and Canada

May 9, 2018

Notwithstanding the close ties between Canada and the United States, there is a difference in the way that mergers are reviewed on either side of the border — which is important because a significant number of mergers are reviewed by both the Canadian Competition Bureau and the U.S. antitrust agencies. This article originally appeared in the Spring 2018 issue of…

Cross-Border Private M&A in Canada: 10 Tips for Foreign Acquirers in 2018

March 29, 2018

As predicted, Canadian private M&A picked up steam in 2017, owing to a marked increase in acquisitions by non-Canadian financial and strategic buyers. This may be due in part to stability in Canada’s financial and governance systems as well as exponential growth in the tech sector. While Canadian M&A takes many cues from the United States and Europe, it is…

Securities Regulators Tell Aurora and CanniMed to Play by the (New) M&A Rules

March 26, 2018

The Financial and Consumer Affairs Authority of Saskatchewan and Ontario Securities Commission (together, the Commissions) recently released the highly-anticipated reasons for their decision relating to the unsolicited take-over bid (Aurora Offer) by Aurora Cannabis Inc. (Aurora) to acquire CanniMed Therapeutics Inc. (CanniMed). The decision is the first time since the new take-over bid rules were adopted in 2016 that the…

Federal Court of Appeal Affirms Common Interest Privilege in Deal Context

March 8, 2018

On March 6, 2018, the Federal Court of Appeal (Court) released its reasons in Iggillis Holdings Inc. v. Canada (National Revenue) confirming common interest privilege as a valid exception to waiver in non-litigious circumstances. More specifically, in certain circumstances, parties with a common interest in the completion of a commercial transaction can share privileged legal advice with each other, on…

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