A Bahamas-based billionaire proposed to buy out Callidus Capital Corp.’s minority shareholders last year for nearly seven times the price eventually agreed upon.
| Braslyn Ltd., an affiliate of Joe Lewis’s Tavistock Group, floated a non-binding proposal of $5.20 a share in April, 2018. But the finances at Callidus, a Toronto-based alternative credit provider, deteriorated to the point where the parties settled on 75 cents last month, according to a draft copy of the deal circular obtained by The Globe and Mail.
| Braslyn’s bid, at a fraction of Callidus’s initial public offering price five years ago, followed a torturous, nearly three-year process to privatize the company, whose controlling shareholder is Catalyst Capital Group Inc. with a 73-per-cent stake. The documents show the protracted effort by Catalyst founder Newton Glassman and others to find a buyer or other solution that would remove Callidus from the stock market as the company began to report heavy losses.
|  | | | | Election newsletter - We have a new newsletter called Well-Versed that will jump-start your conversations about the fall federal election. Twice per week, the newsletter will take you through the issues and policies that matter the most. Sign up today. | | | | | | More stories below advertisement | | | | Michael Babad's Business Briefing | | | | New Delhi’s Hyderabad House is the seat of Indian diplomacy. The 36-room, butterfly-shaped palace, originally the royal residence of the last Nizam of Hyderabad, has played host to foreign heads of state since India’s independence in 1947. So, when Indian Prime Minister Narendra Modi stood alongside his Canadian counterpart, Justin Trudeau, inside that mansion during his ill-fated state visit, the moment was rife with symbolism.
| “Canada is [an] energy superpower and can meet our growing energy needs,” Mr. Modi said, speaking in Hindi during a joint news conference in February, 2018. “Today, we have decided to expand our energy dialogue and design the future of our energy partnership.”
| | | | | Technology, telecom and media | | | | | |
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/EBSARCTBW5BVDCIK2LP75RMGEU.JPG "Bid to privatize Callidus plunged as company struggled")
Bid to privatize Callidus plunged as company struggled
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/SFLSPLY5UFEHFG65QZUYPDHOFU.JPG "Competition watchdog says it will scrutinize small deals more closely")
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/4ROIUXXFDBG2NG75LQE5PULCBA.JPG "The dark clouds of a feared U.S. recession may be lifting")
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/MRVLEONTFFHCVDUODMRKYFUQKU.jpg "All-in-one ETFs, dividend all star update and hot potato portfolio with scorching results: What you need to know in investing this week")
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/VGZTTYVX6FFB7OLMK526HXQQEM.jpg "Brookfield Asset Management makes major Dubai real estate play in joint venture with Meraas Holding")
