Skip to main content

Report on Business Callidus Capital says Braslyn agrees to buy minority shareholding to go private

Callidus Capital Corp., the struggling lender controlled by Catalyst Capital Group Inc., said on Thursday its second-largest investor has agreed to buy out the minority shareholding to take the company private.

Under the deal, Braslyn Ltd. will offer 75 cents for each share not owned by Catalyst. Callidus reported the latest in a string of quarterly losses on Wednesday, and its shares closed at 41 cents on the Toronto Stock Exchange on Thursday.

Late last year, Bahamas-based Braslyn, owned by Tavistock Group founder Joe Lewis, proposed to buy out the minority for $2 a share, but did not make a formal bid.

Story continues below advertisement

In 2017, Callidus’s Toronto-based chairman Newton Glassman said there had been strong interest in a privatization deal among would-be suitors, and that the company could be worth $18-to-$22 a share based on a valuation from National Bank Financial.

Callidus said its board’s special committee is recommending that investors tender to the cash offer.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an error Editorial code of conduct
Tickers mentioned in this story
Unchecking box will stop auto data updates
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter