Here are the top reads on deals and financial services over the last 24 hours,
GMP CEO entitled to $7.5-million change of control payment upon exit: GMP Capital Inc.’s departing chief executive officer Harris Fricker is set to receive a hefty payment after the company’s sale of its capital markets business. Story (Niall McGee)
Activist investor slams HBC chairman’s proposal to take retailer private as ‘woefully inadequate’: Pressure is mounting on Richard Baker, executive chairman of Hudson’s Bay Co., to increase his bid to take the retailer private – or put the entire company up for sale. U.S. activist investor Land & Buildings Investment Management LLC, which last year owned an estimated 3 per cent of HBC’s shares, said on Tuesday that the $9.45-a-share proposal by Mr. Baker and his HBC majority shareholder group to take the retailer private is “woefully inadequate”. Story (Marina Strauss)
Canadian convicted of fraud arrested in UAE, Ontario securities regulator says: A Canadian convicted of fraud who fled the country to evade a four-year prison sentence has been arrested and repatriated. William Wallace, one of two men who raised $6.8-million by fraudulently selling shares in Londoni Gold Corp., was arrested in February upon his arrival in the United Arab Emirates, according to the Ontario Securities Commission. He has been remanded to prison to begin serving his sentence, the OSC said Tuesday. Story (Alexandra Posadzki)
Sun Life Investment Management launches new institutional investment arm: Sun Life Financial Inc. has merged several of its third-party money managers to create a new institutional investment arm that will focus on fixed income and global real estate equity and debt. Story (Clare O’Hara)
MORE FINANCIAL SERVICES NEWS
Facebook reveals Libra cryptocurrency, sparking new privacy concerns: Facebook Inc. announced ambitious plans on Tuesday to launch a new global cryptocurrency called Libra, part of an effort to expand into digital payments that immediately raised privacy concerns. Story (Reuters)
Swedbank suspends two Estonian business heads in money laundering inquiry: Swedbank has suspended with immediate effect the two most senior executives of its Estonian business, which is being investigated over alleged money laundering. Story (Reuters)
MORE DEALS NEWS
Cobalt 27 to be bought by Swiss firm Pala Investment in deal that values it at $501-million: A Canadian cobalt speculation company is being bought by a Swiss firm in a deal that values the company at about $501 million. Story (Canadian Press)
Barrick Gold gets more time to make firm offer for Acacia: Gold miner Acacia Mining PLC on Tuesday agreed to extend the deadline for Canadian miner Barrick Gold Corp. to make a firm offer for taking full control of the company. Story (Reuters)
IN CASE YOU MISSED IT
Why GMP’s capital markets sale shouldn’t surprise anyone: Some booms on Bay Street end with a bang. Both the dot-com bubble and the income-trust bonanza disappeared in a flash. Others fade like dying empires. For Canada’s independent investment banks, it’s been the latter. Story (Tim Kiladze)
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