Here are the top reads on deals and financial services over the last 24 hours
Toronto venture capitalists await judge’s decision in lawsuit over Tinder stake: It’s a Bay Street court case that revolves around a single question: Did three men swipe a fortune from the partners of a Toronto venture-capital fund? In a six-week trial that wrapped up last week with closing arguments, the former business associates behind technology fund Extreme Venture Partners lobbed allegations of deception and misconduct at each other. The central issue in the case is the sale in 2012 of Xtreme Labs Inc., a software company that held an interest in the developer of Tinder, the massively successful app that popularized online swipe-right dating culture. Story (Christine Dobby, for subscribers)
More than $450-million in shareholders’ equity is gone: Big loss wipes out net worth of Callidus Capital: Lending firm Callidus Capital Corp. reported another deep quarterly loss on Monday and said its net worth had fallen below zero, due partly to the weak financial performance of a number of companies it has acquired. Story (Jeffrey Jones)
IPO issuers having a ‘Goldilocks’ moment as more companies look at going public: A reduction in market volatility and a successful initial public offering by Montreal-based software firm Lightspeed POS Inc. could encourage more companies to go public this year. The technology sector could make up a considerable proportion of those IPOs, as a number of private-equity owners are expected to exit their positions, according to a report published on Monday by PwC Canada. Story (Alexandra Posadzki, for subscribers)
Medison Biotech launching fight for control of Knight Therapeutics, following year-long activist campaign against CEO Jonathan Goodman: The largest shareholder in Knight Therapeutics Inc. plans to launch a proxy fight Monday for control of the $1-billion drug company, following a year-long activist campaign against Canadian pharmaceutical entrepreneur Jonathan Goodman. Story (Andrew Willis, for subscribers)
Toronto’s office vacancy drops to a new low, CBRE says: It’s getting harder to find office space in downtown Toronto. The city’s office vacancy rate dropped to a new all-time low as a result of strong demand from tech companies, office sharing operators and other businesses, according to commercial realtor CBRE. The rate for downtown Toronto hit 2.6 per cent in the first three months of this year, compared with 2.7 per cent in the previous quarter and 2.9 per cent in the first quarter of 2018. Story (Rachelle Younglai, for subscribers)
‘Price matters’: New online bank Motusbank hopes to attract cost-conscious customers: The flat yield curve everyone in finance is talking about these days is a gift to Canada’s newest online bank. Motusbank, brought to you by Ontario-based Meridian Credit Union, is a virtual bank that charges nothing for chequing accounts, pays a good rate on savings and has a unique offer on mortgages: All terms from one to five years have the same interest rate. Opinion (Rob Carrick, for subscribers)
MORE DEALS NEWS
Caisse joint bid for Petrobras pipeline strengthens as competing bidders drop out: At least three investors left separate groups interested in acquiring a gas network pipeline that will be sold by Brazil’s state-controlled oil company Petroleo Brasileiro SA, three sources with knowledge of the matter said. Story (for subscribers)
Canadian cannabis firm Origin House bought by U.S. company for $1.1-billion: Canadian cannabis branding company Origin House has entered into an agreement to be acquired by U.S. company Cresco Labs Inc. for approximately $1.1 billion. Story (for subscribers)
Lyft shares fall below IPO price on second day of trading: Shares of ride-hailing company Lyft Inc. crashed below their initial public offering price in just their second day of trading on Monday, matching the speed at which Facebook Inc. gave up its IPO price after a rocky debut nearly seven years ago. Story
Saudi Aramco eclipses Apple as globe’s top earner ahead of $10-billion bond sale: Saudi Aramco, the world’s biggest oil producer, made core earnings of $224-billion last year, almost three times as much as Apple, figures from the state-owned company showed on Monday ahead of its debut international bond issue. Previously reluctant to disclose its financials, Aramco had to reveal them in order to obtain a public rating and start issuing public international bonds. Story
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