In this article – “M&A: A look back at 2021 and ahead to 2022” – we examine the remarkable volume of deal-making activity in Canada in 2021, a massive increase over the unpredictability of 2020, and the factors driving this to continue in 2022. We review “busted deal” litigation ensuing from the COVID-19 pandemic, including a pending decision that raises novel and complex damages issues. We also look at an order from the Alberta Securities Commission, the first in Canada to consider the use of derivatives to acquire a toehold position in the target and likely to have significant implications for toehold accumulation and stake-building strategies, and a decision from the Ontario Securities Commission regarding a request for a discretionary exemption from the 50% mandatory minimum requirement.

This article is authored by Jeremy Fraiberg, partner and Chair of Osler’s Mergers and Acquisitions team; Manny Pressman, partner and Chair of the Corporate team; and Alex Gorka, a partner on the Corporate team.

Legal Year in Review is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus – your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 450 lawyers to provide the answers you need, when you need them.

Our Legal Year in Review, published December 7, 2021, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.

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