US mergers and acquisitions activity broke an all-time monthly
record in May, according to Dealogic data in the Financial
Times. The overall value of deals in US-bound
M&A activity was $253 billion in May of 2015. This compares to
$226 billion during May 2007 and $213 billion in January of 2000,
which were previously the busiest and second-busiest in US
The Times notes that many bankers and lawyers are
expecting 2015 to be a record year, with chief executives under
pressure to expand their businesses and deals often being the
fastest and easiest way to do so. They also expect that M&A
activity will continue to be strong in the near term, given pent-up
demand for fixed-income investments.
Much of the acquisition spree has been spurred on by a borrowing
boom among US companies, benefitting from advantageous credit terms
before an expected tightening of monetary policy in September.
Average company bond yields have halved since 2007 to about 3 per
cent in the US, and there has been more than $100 billion of
corporate bond issuance every month for the past four months-the
longest ever streak of issuance above that mark.
In Canada, according to Lexpert's DealsWire, May of this year saw
$8.1 billion of M&A transactions worth over $50 million. This
contrasts with $8.2 billion worth of transactions in 2014.
The author would like to thank Joe Bricker, summer student,
for his assistance in preparing this legal update.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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