Understating the obvious, 2020 has presented an array of challenges to date. This issue of Straight Talk reflects the impact of those challenges on Canadian M&A through the second quarter. But our M&A review also demonstrates the fortitude of buyers and investors, who ramped up activity in May and June, adjusting to unprecedented issues and hurdles created by the crisis. And it reflects the resilience of the Canadian lower mid-market, which saw disproportionate activity through the quarter.
While Canadian M&A declined significantly in the second quarter, activity levels diverged across provinces and sectors, and as a national business law firm, with 12 offices across the country, we observed that first-hand. In this issue, Miller Thomson Partners from our offices in Quebec, Ontario, Saskatchewan, Alberta and British Columbia share insights, supplementing the data with ground-level experiences from their respective group's practice.
There is considerable uncertainty ahead, however, current indications point to a more active deal environment in the Fall. There is still significant dry powder in the pockets of financial buyers, who are ramping up their pursuit of targets that have proven resilient through the crisis or that represent opportunistic acquisitions. In addition, in the coming months, as government financial aid winds down, we are likely to see more distressed deal activity, as businesses face insolvencies, restructurings and a need for recapitalization.
Whatever the remaining months of 2020 bring, the Miller Thomson team is here to support our clients through the ups and the downs, and, as always, we value our role as trusted legal advisor.
Issue 3 2020 of this quarterly publication is now available, with commentary from Miller Thomson Partners across Canada, a summary review of Q2 2020 market insights and highlights of our recent work.
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