The company logo of Valeant Pharmaceuticals International Inc. is seen at its headquarters in Laval, Que., in a May 19, 2015 file photo.Christinne Muschi/Reuters
DEAL OF THE DAY
Higher bid looks to be a good bet for Canadian Oil Sands investors
Canadian Oil Sands Ltd. shareholders have a good chance of a richer offer surfacing, although it's likely to come from current bidder Suncor Energy Inc. and not a third party, FirstEnergy Capital Corp. says.
This week, COS, which has the largest stake in the Syncrude Canada Ltd. partnership at 37 per cent, formally rejected Suncor's $4.5-billion hostile offer, calling it opportunistic and inadequate. Story
INITIAL PUBLIC OFFERINGS
Vision Critical considering IPO
According to a Bloomberg report, Vancouver-based cloud computing company Vision Critical Communications Inc. has tapped BMO Nesbitt Burns Inc. to prepare it for a "potential initial public offering."
The Canadian IPO market has slowed considerably post-Labour Day and, according to Bloomberg, the Vision Critical IPO would not happen any time soon.
Michael Wekerle's publicly traded merchant bank, Difference Capital Financial Inc., owns a $4.6-million equity stake in Vision Critical. Story
BAY STREET MOVES
Canaccord bulks up in the U.S.
Canaccord Genuity Corp. is bulking up its investment banking team in the U.S.
On Tuesday, the Canadian independent brokerage announced that it had hired Blake Tennant as managing director of industrials and infrastructure services. Mr. Tennant will be working out of Canaccord's Washington, D.C., office.
Mr. Tennant spent the past nine years at FBR Capital Markets. His most recent position was managing director and head of infrastructure investment banking. Press release
INSIGHT
What on earth is Citron Research?
Valeant shares got stomped on for much of Wednesday after the publication of a damning report from U.S. research shop/short seller Citron Research.
Selling pressure on Valeant shares was so intense that trading in the stock had to be halted twice early Wednesday.
The report entitled "Valeant: Could this be the Pharmaceutical Enron?" draws comparisons between the Quebec-based pharmaceutical company and the infamous Houston-based energy company whose creative accounting eventually forced it into bankruptcy.
According to its website, Citron's investigators have a track record in "identifying fraud and terminal business models."
Valeant shares closed down 19 per cent on the Toronto Stock Exchange. Story
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Niall McGee