Friday, Oct. 09, 2015 7:00PM EDT
DEAL OF THE DAY
CPI Card Group pops on public market debut
After all the drama that led up to CPI Card Group Inc.’s public market debut, underwriters ended up pricing it to near-perfection.
In an initial public offering (IPO), the optimal scenario is: Selling shareholders getting out at a good price, institutional investors seeing a nice first-day pop, and the retail guy, who often has to wait until the aftermarket to get in, making some money too. Check, check and check.More »
Friday, Oct. 09, 2015 6:19PM EDT
TIM KILADZE And ADRIAN MORROW
The largest Canadian privatization in decades is off to the races, despite growing concerns about investor appetite for new offerings.
On Friday, the Ontario Liberals filed paperwork for Hydro One Ltd.’s initial public offering, valuing the public utility at roughly $11-billion. The government is selling 15 per cent, or $1.62-billion to start, but one-time gains from $1-billion in special payments and a $2.2-billion tax benefit push its total haul to $4.82-billion.More »
Friday, Oct. 09, 2015 1:58PM EDT
TorQuest Partners is getting cozy with yarn.
Years after Listowel, Ont.-based Spinrite was pulled off the public markets the company is trading hands, and its new private-equity backer is stitching together a growth plan.
Spinrite is a major North American producer of craft yarn for knitters and crocheters. It sells well established brands like Patons, Caron and Bernat through big chains like Wal-Mart. Many of the acrylic fibers are created overseas in places such as Turkey or South America and then spun into yarn and packaged about two hours outside of Toronto.More »
Friday, Oct. 09, 2015 5:00AM EDT
Vancouver startup types talk of emulating the “Paypal Mafia” in Canada, a nod to employees and founders of the payments company who reinvested their bounty from its 2002 sale into other successful ventures including YouTube, Tesla Motors and LinkedIn.
They’re off to a good start: Several West Coast entrepreneurs, including Hootsuite chief executive officer Ryan Holmes, Plentyoffish.com founder Markus Frind and ex-Coastal Contacts CEO Roger Hardy have plowed millions of their net worth into other startups, in the hopes of creating what Mr. Holmes has dubbed the “Maple Syrup Mafia.”More »
Thursday, Oct. 08, 2015 6:46PM EDT
DEAL OF THE DAY
CPI Card Group raises $150-million (U.S.) in IPO
CPI Card Group, a Canadian-owned U.S. credit card maker, has raised $150-million (U.S.) in an initial public offering, about half the amount it had originally targeted, the firm said on Thursday in a filing with the Securities and Exchange Commission (SEC).More »
Thursday, Oct. 08, 2015 1:50PM EDT
Online shopping and steady returns led Canada Pension Plan Investment Board to its latest European investment.
As online buying gains popularity and the flow of goods to Asia continues to swell with consumer demand, CPPIB is partnering with two other investors to build new transport hubs in Britain that store and help move goods.More »
Thursday, Oct. 08, 2015 7:27AM EDT
CPI Card Group, a Canadian-owned, U.S. credit card maker has raised $150-million (U.S.) in an initial public offering– about half the amount it had originally targeted, the firm said on Thursday in a filing with the Securities and Exchange Commission (SEC).
The shares are expected to start trading on the Toronto Stock Exchange and the Nasdaq on Friday, a day later than previously planned.More »
Thursday, Oct. 08, 2015 5:00AM EDT
One of Toronto’s hottest early-stage startups, Hubba, has attracted top-tier talent and big-time customers and boasts big-league ambitions. Now, it has raised its first major round of financing – and is already eyeing an even bigger raise within the next 18 months.
The four-year-old company, which aims to drastically simplify the process for retailers to replenish merchandise from brand-name manufacturers, is announcing on Thursday that it has raised $11-million in its “Series A” financing round, led by Canadian venture capital firms Real Ventures and Kensington Venture Fund.More »
Wednesday, Oct. 07, 2015 7:24PM EDT
DEAL OF THE DAY
Suncor criticizes Canadian Oil Sands’ poison pill manoeuvre
Suncor Energy Inc. criticized the poison pill defence adopted by Canadian Oil Sands Ltd. as it seeks shareholder support for a $4.3-billion hostile takeover of the Syncrude partner.
Canadian Oil Sands (COS), the largest owner in the Syncrude Canada Ltd. oil sands project with a 37-per-cent stake, implemented a new shareholder rights plan on Wednesday in a move analysts said was designed to extract a higher bid from Suncor or draw a competing offer from another suitor. The plan calls for 120 days to consider bids, making Suncor’s offer ineligible because it expires on Dec. 4. Full storyMore »
Wednesday, Oct. 07, 2015 6:45PM EDT
Brookfield Asset Management Inc. is looking for bigger and longer-term private equity investments as more capital floods into the space.
The Toronto-based alternative asset management heavyweight said Wednesday that it would spin off about 35 per cent of its private equity group into a new publicly traded company called Brookfield Business Partners LP (BBP). The new entity would have a net asset value of about $2-billion.More »
Wednesday, Oct. 07, 2015 4:45PM EDT
The impending decision of the U.S. Court of Appeals for the Second Circuit in United States v. Microsoft Corp. could reverberate throughout the cloud-computing environment worldwide.
The case, which has become known as “Microsoft Ireland,” was heard on Sept. 9. It puts in issue the scope of the U.S. government’s power to seize the personal information of a company’s clients, even when the data reside on a company server located abroad.More »
Wednesday, Oct. 07, 2015 12:09PM EDT
Hootsuite Media Inc. has put in place another key piece of the puzzle as it prepares for an expected initial public offering within the next year.
The Vancouver startup, which helps users manage their various social-media accounts from a central platform, said Wednesday that it has hired former Juniper Networks chief marketing officer Penny Wilson to serve in a similar role.More »
Wednesday, Oct. 07, 2015 5:00AM EDT
The energy slump hasn’t changed GMP Capital Inc.’s mind about Houston.
In early 2014, the independent investment bank opened a Houston office to expand its U.S. energy business. And rather than adding a few people at first to get its foot in the door, GMP ramped up quickly, hiring in investment banking, research and sales and trading.More »
Tuesday, Oct. 06, 2015 7:13PM EDT
DEAL OF THE DAY
Superior Plus to buy chemical maker Canexus Corp. for $324-million
Diversified chemicals company Superior Plus Corp. of Toronto announced it is buying chemicals and handling company Canexus Corp. of Calgary for $324-million. Story
Superior Plus launches $100-million bought deal
After the close on Tuesday, Superior Plus Corp. announced a bought deal financing of $100-million at $10.35 a share. With the shares closing at $10.71, investors are being offered a small discount.More »
Tuesday, Oct. 06, 2015 5:59PM EDT
The next stage of the Great Oil Patch Downturn is upon us.
When Suncor Energy, which portrays itself as the benevolent face of Canadian energy, goes hostile with a bid for one of its trusted partners, it’s a signal that bargains in specialty areas can no longer be ignored.
There is a tiny list of possible bidders for the target in question, Canadian Oil Sands, the largest interest holder in the Syncrude Canada Ltd. joint venture, and Suncor can likely wring the most value out of it, based on its deep knowledge of the business. In fact, the rest of the list might include just the other Syncrude owners, led by the well-funded Imperial Oil.More »
Tuesday, Oct. 06, 2015 3:55PM EDT
Private equity firms are supposed to become big players in the oil patch as the downturn in crude prices – now stretching into its 15th month – continues to cripple companies. Black Swan Energy Ltd., backed by three major private equity funds, has made a move, although not one that fits the script.
Black Swan has hired Royal Bank of Canada advisers to find potential buyers for some of its assets in British Columbia and Alberta. The oil and gas company wants to sell four chunks of property – its Jedney and Laprise holdings in B.C.’s Montney; and land in the Willesden Green and Pembina plays in Alberta’s Duvernay, RBC said in a presentation Tuesday.More »
Tuesday, Oct. 06, 2015 5:00AM EDT
Let this be the definitive lesson for resource companies: Dabble with too much debt and you eventually drown in it.
In a world with mind-blowingly low interest rates, commodity producers – and even worse, developers – have piled on debt, assuming the projects or share buybacks the leverage helped fund would be worth the burden. Looking at you, Glencore PLC and Barrick Gold Corp., and at you, Cenovus Energy Ltd. and Canadian Oil Sands Ltd. – although the list goes on.More »
Monday, Oct. 05, 2015 6:56PM EDT
DEAL OF THE DAY
Suncor launches hostile $4.3-billion bid for Canadian Oil Sands
Suncor Energy Inc. has made an unsolicited $4.3-billion all-stock bid for Canadian Oil Sands Ltd.
The proposed deal for Canadian Oil Sands – the biggest partner in the Syncrude oil sands development in northern Alberta – reflects a trend toward consolidation in the struggling oil patch as the bigger, financially healthier companies eye acquisition opportunities in an environment of continuing low oil prices and concerns over reduced demand from China. StoryMore »
Monday, Oct. 05, 2015 4:20PM EDT
Suncor Energy Inc.’s unsolicited bid for Canadian Oil Sands Ltd. could be the year’s richest oil-patch deal, spelling big business for advisory firms that have been weathering the downturn.
Suncor, which is offering $4.3-billion in shares for its partner in the Syncrude consortium, enlisted JPMorgan as financial adviser. The deal team is being led by Dave Harrison, who has headed up JPM’s Calgary office since 2010.More »
Monday, Oct. 05, 2015 1:13PM EDT
Raymond James has beefed up its energy research team in Calgary, adding a senior analyst before the hard-hit sector mounts a recovery.
The investment bank has hired Jeremy McCrea to cover Canadian mid-cap exploration and production companies.
The move comes 2-1/2 months after Mr. McCrea left AltaCorp Capital Inc. in what that dealer’s chairman called “a change in partner philosophy.”More »
Friday, Oct. 02, 2015 6:29PM EDT
A Canadian pharmaceuticals company on a winning streak. A “transformative” acquisition. Two of North America’s most powerful investment banks in its corner. What could possibly go wrong? In the space of three weeks, it turns out, quite a lot.
This week, as the U.S. Congress vowed to crack down on “price gouging” in the pharmaceutical industry, the world watched former shooting stars – such as Canada’s Valeant Pharmaceuticals International Inc. – lose billions of dollars in market value in a handful of trading sessions.More »
Friday, Oct. 02, 2015 5:47PM EDT
What started as a spitting match between two confident Bay Street men, over an analyst hire of all things, is flowing out into streets.
On Sept. 24, Newton Glassman, the loquacious leader of Catalyst Capital Group, privately e-mailed some prominent Bay Street figures, including the heads of GMP Capital and Canaccord Genuity as well as analysts who cover Callidus Capital Corp., to invite them to an “open discussion” with West Face Capital and “any and all Callidus detractors” to debate the company’s future.More »
Friday, Oct. 02, 2015 2:57PM EDT
Fasken Martineau DuMoulin LLP, one of Canada’s largest law firms, is set to slash most of the jobs in its large London office while shutting down its smaller outpost in Paris completely, but it says the retrenchment is not a sign of any broader financial woes.
A spokeswoman for the 770-lawyer firm said managing partner Peter Feldberg was flying back to Canada after spending the week in the British capital, breaking the news that the firm intends to “refocus” on natural resource deals and let go most of its lawyers and staff there.More »
Friday, Oct. 02, 2015 5:00AM EDT
Recent market turmoil has not been enough to bring an end to the booming mergers-and-acquisitions market in Canada or abroad.
But as the country’s investment banks continued to facilitate tie-ups through the first nine months of the year, new debt and equity financings have fallen from recent highs.
According to data from Thomson Reuters, the value of M&A deals involving a Canadian buyer or seller was up to $190.9-billion (U.S.) in the first three quarters of the year, compared with $149.8-billion last year, which was also considered to be high.More »
Friday, Oct. 02, 2015 5:00AM EDT
Royal Bank of Canada’s acquisition of London-based BlueBay Asset Management in 2010 raised RBC’s profile in Europe and made the bank into a top-10 player in global wealth management. Today, though, the deal also offers an insight into RBC’s approach to integrating City National Corp.
RBC has big expectations for Los Angeles-based City National, the private bank serving high-net-worth individuals (many of them Hollywood stars). After the deal was announced in January, Dave McKay, RBC’s chief executive officer, said it combined a solid U.S. brand with his bank’s robust balance sheet, creating what he called a “1+1= 4” scenario.More »
Thursday, Oct. 01, 2015 7:27PM EDT
DEAL OF THE DAY: National Bank announces cuts, $300-million bought deal
National Bank of Canada announced job cuts and a new share offering, in a surprise move that acknowledged the impact of volatile markets and shifting consumer preferences.
The bank said the share offering would raise $300-million, providing a cushion to regulatory requirements that mandate how much capital a bank must hold.More »
Thursday, Oct. 01, 2015 6:16PM EDT
After years of neglect, Canada’s venture-capital industry is finally feeling the love. But that doesn’t mean the community now has all the money it needs.
Following the financial crisis, the country’s VC industry faced a massive dearth of funding. Too many investors got burned when financial markets collapsed and that put them on the sidelines for far too long. The drought lasted for years and by 2012, many people were so concerned that they argued in favour of government intervention, worried that the next wave of great Canadian communities wouldn’t get the early-stage financial support they desperately need.More »
Thursday, Oct. 01, 2015 11:14AM EDT
The new chief at Canaccord Genuity is wasting little time putting his team in place – and one of the central tenets is a hire from outside the organization.
In September, Dan Daviau was named the independent investment bank’s next chief executive officer, ending months of speculation that he would be tapped for the position. Acting quickly to establish the new order, the new CEO unveiled the lineup of executives under him on Thursday.More »
Thursday, Oct. 01, 2015 5:00AM EDT
Adrian Myers is a lawyer at Torkin Manes LLP
Think of it as cosmetic surgery.
The recent expert report prepared for the Ontario government on modernizing our corporate law contains a series of recommendations as to how Ontario can become a more current and attractive jurisdiction for business. The report contains many suggestions, but the most interesting ones concern an almost invisible story – how financial, legal and technological innovations can cause our corporate statutes to fall out of date.More »
Thursday, Oct. 01, 2015 5:00AM EDT
Lexpert identifies and reports on emerging business issues and practice areas in the business of law. Whether online, in our magazine or in the DealsWire e-newsletter, we chronicle deals and lawsuits of interest, and cover issues of broad concern to the legal profession and those who purchase legal services. We hope you enjoy this sample of our latest content.More »
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Janet specializes in reporting on corporate governance, compensation and securities industry regulation, and oversees the Globe's annual Board Games review of corporate governance practices of Canada's largest companies.
Sean Silcoff joined The Globe and Mail in January, 2012, following an 18-year-career in journalism and communications. He previously worked as a columnist and Montreal correspondent for the National Post and as a staff writer at Canadian Business Magazine.
Rachelle Younglai is The Globe and Mail's mining reporter. Prior to joining The Globe in October 2013, she worked for Reuters in Washington for seven years, where she covered the U.S. Congress, politics, economic policy and the U.S. Securities and Exchange Commission.