On February 7, 2012, the Canadian Competition Bureau announced
that the pre-merger notification transaction-size threshold for
2012 will be C$77 million, an increase of C$4 million over the 2011
threshold of C$73 million. The change is expected to take
effect on February 11, 2012.
In Canada, the Competition Bureau must generally be given
advance notice of proposed transactions if both of the following
thresholds are exceeded:
Party Size: The parties, together with
their affiliates, have assets in Canada or annual gross revenues
from sales in, from (exports) or into (imports) Canada that exceed
C$400 million; and
Transaction Size: The aggregate value of the
assets in Canada to be acquired or the annual gross revenues from
sales in or from Canada generated by such assets, exceeds an amount
that increases annually in relation to GDP (which will be C$77
million in 2012, once the announced increase takes effect).
Additional thresholds may apply depending on the nature of a
transaction. For example, if both of the above thresholds are
the proposed acquisition of voting shares of a publicly traded
corporation will be notifiable if, following completion of the
transaction, the purchaser will own more than 20% of the voting
shares (or more than 50% if the purchaser already owns more than
the proposed acquisition of voting shares of a privately held
corporation will be notifiable if the purchaser will own more than
35% of the voting shares (or more than 50% if the purchaser already
owns more than 35%).
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