Savanna on Monday began a campaign to persuade investors that a friendly all-stock bid it announced last week is a better bet than a closely valued hostile one with a cash sweetener.
The plays for the hearts and wallets of the oil-field service provider's shareholders come as the outlook for the industry has gotten murkier with a new slide in crude oil prices, which raises questions about drilling budgets among customers.
Savanna agreed on Thursday to a $235-million offer from Western Energy Services Corp., under which Savanna shareholders would get 0.85 of a Western share for each of their own. Based on Monday morning's stock trading, that would value Savanna at $1.99 a share. Story
Fintech firm DH Corp. to go private, opening chance for digital turnaround
After 142 years of printing and processing cheques, DH Corp. is finally ready to cash one.
The Toronto-based company, which has been struggling with debt amid plans to reinvent itself as a financial-technology firm, said Monday it has accepted an offer to take the company private that values the equity portion of the deal at $2.7-billion.
The buyer, Texan private equity firm Vista Equity Partners, plans to merge DH with another of its portfolio companies – a British financial-software firm that has been active acquiring fintech businesses. Story
DAILY DEALS
Pershing Square Capital Management LP, the activist fund run by Bill Ackman, sold its entire stake in Valeant Pharmaceuticals International Inc. and said the billionaire would leave the board. Story
Intel Corp agreed to buy Israeli self-driving technology firm Mobileye for $15.3-billion on Monday in a deal that could thrust the U.S. chipmaker into direct competition with rivals Nvidia Corp and Qualcomm Inc to develop driverless systems and components for global auto makers. Story
Canada's two biggest pension funds have agreed to partner with LOGOS, a real estate logistics operator, to invest in warehouses in Singapore and Indonesia, betting on demand from the rise of e-commerce and a burgeoning middle class in southeast Asia. Story
ELSEWHERE IN FINANCE
RBC's Fukakusa sets pay benchmark for Canada's female bankers (Bloomberg) Story
Demanding and Direct: HSBC's new chairman Mark Tucker (WSJ, subscription required) Story
Hedge funds exit emerging-market assets as real money swoops in (Bloomberg) Story
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