Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
HBC directors say report against Baker-led bid based on ‘flawed’ assumptions about previous agreement: Hudson’s Bay Co.'s independent directors shot back at an influential proxy advisory firm on Monday, saying its recommendation that shareholders reject a $1.1-billion privatization offer from the retailer’s executive chairman is based on flawed assumptions about a previously unpublicized agreement. Story (Jeffrey Jones)
Sun Life uses technology to lower health-care costs for customers: Two years after Jacques Goulet took over the helm as president of Sun Life Financial Canada, the insurer is cutting health-care costs for customers through digital applications that steer users to lower-cost options, while also driving down market costs for some medical products. Story (Clare O’Hara)
Paramount Financial receiver sues Toronto-area developer, claiming he took $18.8-million for his ‘personal benefit’: The court-appointed receiver for Paramount Financial Equity Corporation, which sold investments in pooled mortgage funds until its collapse in 2017, is suing a Toronto-area developer, alleging that he improperly diverted $18.8-million from Paramount-funded projects for his “personal benefit.” Story (Greg McArthur)
U.S. banks’ reluctance to lend cash may have caused repo shock, BIS says: The unwillingness of the top four U.S. banks to lend cash combined with a burst of demand from hedge funds for secured funding could explain a recent spike in U.S. money market rates, the Bank for International Settlements said. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
GFL raises $1.4-billion weeks after failed IPO to keep acquisition streak going: Fresh off its failed initial public offering, GFL Environmental Inc. is raising $1.4-billion in private markets to fuel more acquisitions. Story (Tim Kiladze)
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