Trevor Zeyl (Toronto)

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Holding up the deal: the threat of “bumpitrage” to M&A

By Trevor Zeyl (Toronto) on October 18, 2018 Posted in M&A

Considering the robust global M&A markets of the last few years, it is unsurprising that activist investors have increasingly sought to leverage these transactions for their own gain. To that end, shareholder activists have developed a variety of M&A-related strategies. Most commonly, they either seek to catalyze transactions by pressuring companies into a merger or … Continue reading

Gauging M&A trends in agribusiness

By Trevor Zeyl (Toronto) on July 31, 2018 Posted in M&A

Although the agricultural sector has largely been segmented in the past, there appears to be a continued trend of consolidation in the industry. As the global population has grown, so too has the demand for food and associated goods. But the appetite for food is changing rapidly and has fueled the rise of M&A activity. … Continue reading

Canadian Securities Administrators are seeking comments on soliciting dealer arrangements

By Trevor Zeyl (Toronto) on April 19, 2018 Posted in Antitrust, competition and regulatory, Governance and directors' liability, M&A

The Canadian Securities Administrators (the “CSA”) have issued CSA Staff Notice 61-303 and Request for Comment – Soliciting Dealer Arrangements (the “Notice”) on the use of soliciting dealer arrangements. “Soliciting dealer arrangements” generally refer to agreements entered into between issuers and investment dealers under which the issuer agrees to pay to the dealers a fee … Continue reading

Shareholder activism in M&A

By Trevor Zeyl (Toronto) on June 22, 2017 Posted in Governance and directors' liability, M&A

As noted by Kingsdale Advisors in a recently published report, corporate directors and their legal advisors continue to pay insufficient attention to shareholder activism in M&A. The authors of the 2017 special report caution that not only have shareholder activists been emboldened by post-financial crisis legislative changes that afford shareholders greater say, but that these investors … Continue reading

Currency fluctuations and M&A

By Trevor Zeyl (Toronto) on May 6, 2015 Posted in Corporate finance

In recent report entitled Dealing with exchange rates – Currency fluctuation and M&A, Toppan Vite, in partnership with MergerMarket, examined the effect that currency events – both short term and long term – have on M&A activity. In the report, various experts weigh in on: (i) how currency shocks, such as the unpegging of the … Continue reading

The end of the Swiss franc ceiling: M&A implications

By Trevor Zeyl (Toronto) on February 5, 2015 Posted in Corporate finance

On January 15, 2015, the Swiss National Bank (SNB) shocked global financial markets when it made an unannounced move to end its long-standing cap of the Swiss franc. The currency soared and markets fell – and while the move’s long term effects on Swiss M&A activity are not as clear, a strong franc will likely … Continue reading

Resurgence of M&A activity in the energy sector

By Trevor Zeyl (Toronto) on March 20, 2014 Posted in Corporate finance, Energy

On Monday, Whitecap Resources (TSX:WCP) announced that it had agreed to buy a number of oil and gas properties from Imperial Oil Ltd. (TSX:IMO) for $855 million. This transaction comes on the heels of renewed M&A activity in the energy sector. According to the Globe and Mail, this deal “pushes the industry’s tally for merger … Continue reading

Q2 2013 M&A Trends

By Trevor Zeyl (Toronto) on August 19, 2013 Posted in Corporate finance, Energy, Finance, Financial institutions, Infrastructure, mining and commodities

Canadian M&A Q2 2013 results have not provided the desired relief from lacklustre Q1 results. However, while not much of the lost ground was gained, the sharp decline in M&A activity experienced in the first three months of 2013 appears to have subsided. According to Bloomberg’s recently published M&A Rankings, these results are in line … Continue reading

Q1 2013 M&A Trends

By Trevor Zeyl (Toronto) on May 30, 2013 Posted in Corporate finance, Finance, Financial institutions, Real estate

Canadian M&A continued its decline in Q1 2013, reaching lows not seen since Q1 2009. According to Crosbie & Company Inc.’s Q1 2013 M&A Report, which compared M&A activity results from Q4 2012 to Q1 2013, the market has declined significantly both in transaction value (51%) and volume (35%). Specifically, while Q4 2012 saw 301 … Continue reading

New shareholder rights plan proposal may act as catalyst for proxy contests

By Trevor Zeyl (Toronto) on April 19, 2013 Posted in Corporate finance

Last month, the Canadian Securities Administrators (CSA) published for comment proposed National Instrument 62-105 (NI 62-105), a discussion on which can be found here. The proposal suggests a new regulatory framework for the treatment of shareholder rights plans or “poison pills”. In essence, the proposal creates a more flexible framework of defensive tactics that can … Continue reading

Trends in Q3 M&A activity

By Trevor Zeyl (Toronto) on October 31, 2012 Posted in Corporate finance, Finance

Canadian M&A activity was down sharply in Q3, but the proposed $15.1 billion takeover of Nexen Inc. by China National Offshore Oil Company Limited drove the overall value of deals up 23% over Q2 and 16% over Q3 2011. PricewaterhouseCoopers (PwC) recently released its report, Capital Markets Flash: Q3 Canadian M&A Deals Quarterly, which outlined … Continue reading

Q3 M&A Trends

By Trevor Zeyl (Toronto) on October 9, 2012 Posted in Corporate finance, Finance

Thomson Reuters recently released its Q3 Mergers & Acquisitions Review – Financial and Legal Advisory Review. Overall, worldwide M&A totalled US$455B, but was down 16% from 2011, with quarterly activity down 13%. The United States was the biggest contributor to Q3 M&A activity, accounting for 43% or US$195B of the worldwide total. Despite the general … Continue reading