Canadian merger and acquisition auctions
Published April 3rd, 2007
The Canadian merger and acquisition market has seen a significant increase in the use of “controlled auctions” by sellers in the past several years. So much so, sellers and managers now ask themselves whether a negotiated sale with a single prospective buyer, without an auction, ever yields the highest price or best transaction terms for the seller (or shareholders) – much like homeowners who in recent years in some markets have second-guessed whether they received top dollar for their home without a frenetic “multiple offer” sale. These articles explore the growing phenomenon of controlled auctions in Canadian M&A transactions and the pros and cons of participating in auctions for both buyers and sellers.
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