Latin American engineering conglomerate Grupo Odebrecht SA is considering selling the majority stake it has in petrochemical producer Braskem SA, sources told Reuters. Odebrecht could exit Braskem in a joint transaction with state-controlled oil producer Petrobras, the sources added. The potential buyers are said to include Canada's Brookfield Asset Management.
Embattled Valeant Pharmaceuticals International Inc has added a representative from investor Pershing Square Capital Management to its board of directors, Reuters report. Pershing Square, a U.S. hedge fund run by activist investor Bill Ackman, bought a stake in Valeant last year when the drug-maker's shares were on the rise. They have fallen 68 percent since.
Minority shareholders in Corus Entertainment Inc have voted in favour of the media company's planned $2.65 billion purchase of Shaw Media from its sister company Shaw Communications Inc, Reuters reported. Catalyst Capital Group had sought to scuttle the vote, saying it unfairly benefited the Shaw family that controls both companies to the detriment of minority shareholders.
A securities regulator has ruled that Corus Entertainment Inc need not disclose more details of its $2.65 billion proposal to buy media assets from Shaw Communications Inc, meaning a shareholder vote this week could proceed, Reuters reported. The Ontario Securities Commission's panel issued the ruling in response to an application from private equity firm Catalyst Capital Group, a minority Corus investor fiercely critical of the deal.
Corus Entertainment Inc’s minority shareholders are set to approve its $2.65-billion bid for Shaw Communications Inc’s media assets, despite vocal opposition from Canadian private equity firm Catalyst Capital Group, sources told Reuters. The shareholder vote is scheduled for March 9.
Catalyst Capital Group, a fierce critic of Corus Entertainment Inc's $2.65 billion bid for Shaw Communications Inc's media assets, has called on the Shaw family that controls both companies to prove the deal was the result of a fair, competitive process, Reuters reported. Ontario's securities regulator said it would hold a hearing to consider whether to approve the deal in light of Catalyst's complaints.
Executives at some of Canada's biggest pension funds say they are looking more closely at the oil and gas sector, attracted by low valuations, but will take a scrupulous approach to deals given the uncertain oil price outlook, Reuters reported. The funds say they are prepared to overlook depressed oil prices in the short term if it means they can directly invest in assets at knock-down prices.
In today's market, sellers are increasingly attempting company sales in private auctions according to terms more characteristic of public M&A deal making. In a PE Hub Canada exclusive, Torys LLP‘s Stefan Stauder, Matthew Cockburn and Laurie Duke discuss the factors driving this trend, as well as some of the related pitfalls.
A new takeover bid regime outlined by Canadian regulators is set to dramatically extend the minimum offer period on hostile bids, potentially reducing hostile deal activity in a largely resource-driven Canadian market, Reuters reported. The new rules, unveiled this week, will require that hostile bidders come in with fully financed bids and keep offers open for a minimum of 105 days, up from 35 days currently.
Brad Nathan, president of Lynx Equity, says he launched his Toronto-based private equity firm in 2007 because he “has always been interested in owning small businesses.” Nine years on, that ambition appears to have been fulfilled with Lynx controlling some 40 North American mid-market companies sold to it by retiring family owners.