In the News Detail

2008   |   2007  

Terence Dobbin explains to the Legal Post that strategic buyers in the Canadian M&A market are gradually getting the upper hand over private equity players.

Click here to read the article. (Note: The National Post published this correction on September 11, 2008, to rectify an error made in this article: Blake, Cassels & Graydon acted for First Reserve Corp. in its acquisition of CHC Helicopters Corp. and Ogilvy Renault acted for CHC. Incorrect information appeared in Legal Post yesterday.)

Excerpt

Terence Dobbin, senior M&A specialist with Ogilvy Renault in Toronto, said the pendulum that had shifted to private equity because of low interest rates and easily obtainable credit has swung back toward strategic buyers.

''There was imbalance in the market because with the availability of fairly inexpensive credit, private equity really had the advantage over strategic buyers because through their use of leverage they were able to offer better returns [higher acquisition prices to shareholders] than a strategic buyer. Strategic buyers were finding it very, very difficult to compete.''

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