The Competition Bureau announced earlier today that the pre-merger notification transaction-size threshold for 2011 will increase to CDN $73 million from the former 2010 threshold of CDN $70 million (see: 2011 Pre-Merger Notification Transaction-Size Threshold).
The new size of transaction threshold will come into effect following publication in the Canada Gazette, anticipated on February 12, 2011.
Like most other major jurisdictions, the pre-merger notification provisions of the Competition Act require parties to specified types of transactions that exceed statutory monetary thresholds to file pre-merger notification filings with the Bureau.
In addition, regardless of size, any transaction that falls within the statutory definition of “merger” under the Act, which is broad, is also potentially subject to substantive review by the Bureau – a fact that has very recently been brought into sharp relief with the recent announcement by the Bureau that it would challenge a completed British Columbia landfill merger (CCS Corporation’s acquisition of Complete Environmental Inc. – see: Competition Bureau to Challenge Completed BC Landfill Merger).
For mergers that exceed the statutory monetary thresholds, notification is mandatory and failure to pre-notify is a criminal offence.
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