Businesses planning mergers or acquisitions in Canada are operating in a more difficult regulatory environment — and the Competition Bureau’s draft Merger Enforcement Guidelines leave a central question about the merger efficiency defence in Canada unresolved. Senior counsel John F. Rook, KC has co-authored an Intelligence Memo for the C.D. Howe Institute examining what the Competition Bureau’s draft Merger Enforcement Guidelines (MEGs) say about efficiency — and what they leave unanswered. Co-authored with economist Larry Schwartz, a past member of the Competition Tribunal, the memo was published on March 25, 2026. What the Draft MEGs Say About the Merger Efficiency ... [more] Full article