The M&A Lawyer quotes Toronto lawyer Grant McGlaughlin in an article about the first weeks of the Covid-19 crisis.
Grant McGlaughlin, a partner in the Toronto office at Fasken, describes the mid-March period as “the brakes getting out on – becoming difficult to do negations and due diligence. Sellers are not going to come to market right now, and there are a number of deals are close to the finish line where buyers are having second thoughts, or using this time to renegotiate.”
“A lot of legal diligence can be done remotely but there’s still a lot of on-site diligence for a lot of companies, depending on the nature of the company,” he added. “A buyer may need to determine if there are environmental issues with a seller’s properties: there’s a bunch of different things they have to assess.”