Torys’ M&A lawyers have put together this special-edition bulletin to share their predictions on what we can expect to see in 2009.
The year 2008 brought a global credit crisis that adversely affected financial institutions and their clients and thrust a new world on the business community and its advisers. In many cases, those financial institutions were driven into the hands of suitors, often government-backed, with breathtaking speed. The credit crisis also sounded the death knell for easily accessed capital to fund acquisitions, a tightening that had started in mid-2007. In the wake of this crisis, we are seeing the development of a wide array of bold strategies and tactics to navigate this new world.
In 2009, we expect to see these strategies and tactics enhanced and refined as the marketplace and courts redefine acceptable sale terms and conditions. The shortage of credit will also favour strategic buyers with strong balance sheets and sovereign wealth funds with greater access to financing. Private equity will lean toward mid-market going-private transactions that contain more equity than in the past. Finally, we will see more activity in the infrastructure sector as governments seek to provide much-needed stimulus to the economy.
Torys’ M&A Practice Group is well-known for its experience in sophisticated, complex and innovative mergers and acquisitions. We are involved in high-profile M&A, both public and private, as well as those for small and mid-sized companies. On cross-border M&A, we provide seamless service to clients in the United States and Canada.
Our M&A lawyers focus on corporate and securities law and litigation, competition and antitrust law, tax law, foreign investment and regulatory matters (including stock exchange requirements), and employment, pension and benefits issues.