Network Firm News

Friday, July 20, 2007

Timing and certainty of closing are critically important in transactions involving public companies, in deals involving foreign jurisdictions where only part of the deal involves Canada, and in corporate auctions, where vendors seek an expeditious closing and potential purchasers want to make bids with as few conditions as possible. The Labatt Decision made last week has ushered in a new timing paradigm for merger review in Canada that reflects these market realities. Blakes represented Labatt Brewing Company Limited in the case.

In Labatt, the Competition Tribunal (the equivalent of a competition court) rejected an application by the Commissioner of Competition (head of the Competition Bureau) for more time to review Labatt’s take-over bid for rival Lakeport on Wednesday, March 28, 2007. The transaction was subject to review by the Competition Bureau, and in light of last week’s decision, the deal successfully closed on March 29, 2007. The Tribunal’s decision allowed Labatt to close after the expiry of the statutory waiting period (42 days) under the Competition Act. See the Blakes Newsletter here.

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