Daily Deals: PCM snaps up Edmonton’s Acrodex

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MERGERS AND ACQUISITIONS

Edmonton IT services company sold for $16.5-million

U.S. technology sales company PCM Inc. is buying Edmonton-based IT services provider Acrodex for $16.5-million.

Privately held Acrodex had sales of $147-million last year, according to a release by PCM.

PCM trades on the Nasdaq Stock Market.Full story

Snyder's-Lance pays $1.27-billion (U.S.) for Diamond Foods

Diamond Foods has agreed to be acquired by fellow snack maker Snyder's-Lance Inc. in a cash-and-stock deal worth $1.27-billion (U.S.). The company will also assume $640-million in debt.

Diamond's shareholders will receive $12.50 a share in cash and 0.775 of a Snyder share.

Diamond had been on the block for a while. Last week, the New York Post reported that Kellogg Co. was in talks to buy the asset. Full story

Carl Icahn pushing for breakup of AIG

U.S. hedge fund manager Carl Icahn disclosed that he owns "a large stake" in American International Group Inc. and is urging the company to spin off its life and mortgage units. Mr. Icahn has the backing of John Paulson, a fellow hedge fund manager who owns just over 1 per cent of the stock.

AIG shares rose almost 5 per cent on Wednesday. Full story

INSIGHT

Apple Pay's Canadian launch

When Apple announced that it was expanding its Apple Pay mobile payment service to Canada, the company bypassed Canadian banks and the most popular credit card networks because negotiations were dragging, according to sources.

Apple announced on Tuesday that it would roll out Apple Pay to Canada and Australia later this year, and adding Spain, Singapore and Hong Kong in 2016, following launches in the United States in 2014 and the U.K. earlier this year. Full story

AND NOW FOR SOMETHING COMPLETELY DIFFERENT

David Copperfield's disappearing Canadian tax returns

World-renowned magician David Copperfield is accusing his former accountant and business manager of making some of his Canadian tax returns disappear. According to U.S. court documents, the affair has prompted the Canada Revenue Agency to threaten legal action against Mr. Copperfield, demanding $471,000 (U.S.) in back taxes and penalties. Full story

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