Top Business Headlines
 

September 22, 2019

 
 
Top news
 
Bid to privatize Callidus plunged as company struggled
  Bid to privatize Callidus plunged as company struggled
 

Jeffrey Jones

 
Mergers and Acquisitions Reporter
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.

 
 
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Editor's picks
 
Competition watchdog says it will scrutinize small deals more closely
  Competition watchdog says it will scrutinize small deals more closely
 

Christine Dobby

 
Corporate law
 
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The dark clouds of a feared U.S. recession may be lifting
  The dark clouds of a feared U.S. recession may be lifting
 

David Parkinson

 
Economics Reporter
 
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All-in-one ETFs, dividend all star update and hot potato portfolio with scorching results: What you need to know in investing this week
  All-in-one ETFs, dividend all star update and hot potato portfolio with scorching results: What you need to know in investing this week
 

S.R. Slobodian

 
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Latest posted news
 
Democratic presidential candidates Sen. Elizabeth Warren, former Vice President Joe Biden, join UAW picketers in show of solidarity with labor
 
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Five Western countries, Turkey and UAE back Libyan state oil firm
 
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  A sound economic plan for a better Canada, not attack ads, will win votes
 
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Michael Babad's Business Briefing
 
  Why a major foreign bank thinks the Canadian dollar is still ‘the pick for us'
 

Michael Babad

 
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Opinion
 
  Next federal government should seize golden opportunity to sell more energy to India
 

Rita Trichur

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.”

 
 
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Energy and resources
 
  Elizabeth May pitches replacing oil imports with domestic supply in Calgary campaign stop
 
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financial services
 
Why Canada needs a national securities portal, not a national securities regulator
 
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Inside the Market
 
  Canada’s worst-performing tech stock has added another dubious milestone to its name
 
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Economy
 
  China cancels visits to U.S. farms, casting doubts on potential trade deal
 
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Technology, telecom and media
 
  Trudeau unveils $5.6-billion tax break for middle class to compete with Scheer pledge
 
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International business
 
  Banks worth $47-trillion adopt new UN-backed climate principles
 
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Small business
 
Report on Small Business Newsletter: U.S. withdrawal from postal treaty could impact Canadian e-commerce businesses
 
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Careers
 
  Why does patriarchy persist in the workplace?
 
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Brookfield Asset Management makes major Dubai real estate play in joint venture with Meraas Holding
Brookfield Asset Management makes major Dubai real estate play in joint venture with Meraas Holding
 

Alexander Cornwell

 
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Politics Briefing Newsletter
 
Start getting ready for the fall election with deputy politics editor Chris Hannay's Politics Briefing newsletter. For subscribers.
 
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