Yes, that's exactly what we did.
We did an analysis based on past reviews. The threshold increase to $600 million in enterprise value would reduce the number of reviews, by our estimate. This is looking back. We looked back over about four years of reviews. We manually, ourselves, went to look at what their trading value was. For some things like liability, for some parts of the formula, there is often proprietary information behind it so we couldn't perfectly replicate it. But based on assumption, once we go to about $600 million liberalization, then the number of transactions reviewed decreases by 30%. At $1 billion, the enterprise value reduction is about 50%.
Another factor was that at the time we did this analysis the government hadn't yet made the determination to maintain the threshold where it was for state-owned enterprises, so to the extent that in that four years of data we have state-owned enterprises that made acquisitions in Canada, they would not be counted. So it could be slightly different from that, but I think that's a fair assumption.
I think that's about it. That was the analysis we undertook.