Tag Archives: M&A

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Shareholder activism meets M&A

Most M&A tables list the buyer, the target and maybe the legal and banking help. But what about the activist? They can play a range of different roles—and potentially make or break a deal
By Poonam Puri
With Patricia Olasker
December 13th, 2017

Finally, after months of negotiation, you have just issued a press release announcing the signing of an acquisition agreement to sell your company at a nice premium. Your biggest shareholder has signed a lock-up agreement committing to tender its 15% … Continue reading

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Taking the “overpay” out of M&A

There are many reasons why companies pay too much in M&A transactions—but few legitimate excuses. Here’s a look at what boards can do to minimize their risk
By John Caldwell
December 13th, 2017

Not a quarter goes by that we don’t hear another corporation announcing an asset writedown related to a previous acquisition. For example, earlier this year Valeant Pharmaceuticals International Inc. (TSX:VRX) took a $1.1-billon writedown of goodwill arising from several acquisitions. … Continue reading

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SPACs: a slow climb toward legitimacy

Special Purpose Acquisition Corporations have struggled to gain solid traction in Canada, but recent successes point to their long-term potential as an alternative to traditional private equity financing
By Robert Olsen
With Andrew Luetchford
May 18th, 2017

One of the poorer acronyms in the corporate finance world is SPACs, or Special Purpose Acquisition Corporations, as they are properly called. SPACs have been around since the early ’90s, but only in their most recent form in Canada since … Continue reading

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Second opinions still the exception

Last fall’s Yukon court ruling on fairness opinions for M&A transactions created shockwaves. However, so far the impact on subsequent deals in the rest of Canada has been more subtle than severe
By Poonam Puri
With Patricia Olasker
May 18th, 2017

You’re in the middle of a significant M&A deal, negotiating with a buyer of your Canadian public company. And, just when you thought you had your banker’s success fees under control, out comes a Canadian court decision suggesting that you’d … Continue reading

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A lower loonie still goes a long way

For the second straight year, outbound deals take top billing in our Special Report on M&A. But don’t be deceived: domestic action has been steady, too
By Jim Middlemiss
December 18th, 2016

While there are many ways to evaluate this year’s mergers and acquisitions activity as the calendar draws to a close, it’s hard not to declare 2016 as a year for building Canadian power abroad. The source of that pronouncement: outbound … Continue reading

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Divestitures: look before you list

Selling a company is a big step for anyone, be it a family business owner or a private equity firm. So what separates deals that succeed from those that fail? Often, it’s the planning that’s done before taking the business to market
By Robert Olsen
With Adam Brown and Brian McKenzie
August 1st, 2016

Whenever we see articles on M&A, the typical focus is the number and dollar value of successful deals closed versus the previous year. However, much less is written about the number of divestitures that are planned but don’t close, or … Continue reading

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Buying trouble: data, corruption risks in M&A

Most boards are learning, in general, to pay plenty of mind to cybersecurity and corruption risks. But special care is needed when it comes to M&A targets and processes
By Ken Mark
December 15th, 2015

Uneasy lie the heads of those who sit on corporate boards. And their anxiety is rising with every CEO who decides their company can boost profits faster through mergers and acquisition than through organic growth. Ensuring effective due diligence on … Continue reading

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Successful M&A hinges on board discipline

A rigorous framework for board oversight of M&A can help companies boost their chances of dealmaking success—and, just as importantly, steer clear of flawed transactions that leave acquirers in the hole
By John Caldwell
December 15th, 2015

“Opportunity,” “uncertainty” and “risk” are three words that go hand-in-hand when considering a mergers and acquisition strategy. While acquisitions can offer unique opportunities for growth and add significant long-term value, they are by nature complex and fraught with risk. Typical … Continue reading

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M&A 2015: Canada shops the world

It’s been a banner year in Canadian M&A, especially for Canadian companies and pension funds buying abroad. That, plus a hot IPO market and strong private equity showing, have made up for some lacklustre action at home
By Jim Middlemiss
December 14th, 2015

The 2015 Canadian mergers and acquisitions market will be remembered as a year when domestic organizations went on an international buying spree, despite a dollar that was less than robust. Everyone from retailers to banks and real estate firms to … Continue reading

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Growing public

Insider: Anton Rabie
December 14th, 2015

Who Anton Rabie, co-CEO Spin Master Corp. (TSX:TOY), a Toronto-based children’s toys, games and entertainment company. Spin Master’s best-known brands include Bakugan and Air Hogs; its latest TV series, Paw Patrol, is broadcast in over 160 countries. Rabie co-founded Spin … Continue reading

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Masters of M&A

Three architects of some of Canada’s highest-value and largest-volume deals in 2015 got together to compare notes on tactics, targets and market trends
By Listed staff
December 14th, 2015

It was a rare and revealing opportunity: two Canadian CEOs who are dominant global M&A players and a third who also features prominently on this year’s top 10 Canadian-led M&A deals list, speaking candidly about market trends and their own … Continue reading

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Bill Achtmeyer: Artisan of the deal

In The Director’s Chair with David W. Anderson: A conversation with Boston-based Bill Achtmeyer serves up an advanced class in M&A strategy and execution
July 26th, 2015

After decades of M&A advisory experience, first with Bain & Co., then as founder, chair and managing partner of the Parthenon Group, plus a distinguished director career, Bill Achtmeyer has an acute, board’s-eye view of M&A. Here, in conversation with … Continue reading

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Big, bold and bountiful

SPECIAL REPORT ON M&A: 2014 REVIEW | In one of the best years on record for mergers and acquisitions in Canada, activity crossed all sectors and strategic buyers were out in force capitalizing on perfect conditions for buying and selling assets
By Jim Middlemiss
December 17th, 2014

Canada’s mergers and acquisition markets were on fire in 2014, hitting some of the highest levels since the financial crisis. What fueled such activity? Low interest rates, a stock market that didn’t get choppy until the fourth quarter, and a … Continue reading

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M&A rules get an overhaul

The Canadian Securities Administrators, with unanimous provincial support, is proposing new rules on takeover bids. Target boards and shareholders will get more leverage, bidders will need to rethink strategy
By John Greenwood
October 30th, 2014

Big changes often start imperceptibly until suddenly they become fact, part of the landscape. That’s a good description for the Canadian Securities Administrators’ recently proposed changes to regulations on takeover bids and shareholder rights plans which, assuming they’re adopted, will … Continue reading

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Deal of the year: A big bet on small stores

Loblaw’s $12.4-billion purchase of Shoppers Drug Mart is a bold play on demographic trends, the future shape of retail and the care and feeding of Canadians
By Robert Thompson
December 16th, 2013

It is one of Canada’s most stalwart businesses with a nearly century-old tried and tested business model, but Loblaw executive chair Galen Weston and the company’s chief executive, Vicente Trius, are willing to go all in on a hunch that … Continue reading

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