Trevor Zeyl (Toronto)

Subscribe to all posts by Trevor Zeyl (Toronto)

Holding up the deal: the threat of “bumpitrage” to 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

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

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

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

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

Q2 2013 M&A Trends

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

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

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

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

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