Here are the top reads on deals and financial services over the last week,
Why Intact is risking a $12.4-billion joint-takeover during a pandemic: Some acquisitions are simply too enticing to pass up, and for Intact Financial Corp. CEO Charles Brindamour, swallowing Britain’s RSA Insurance Group PLC ticks this box – even if he has to write his biggest corporate cheque to date, in the middle of a pandemic. (Tim Kiladze, Clare O’Hara)
Canada’s biggest fund managers back Intact takeover of RSA Insurance: Canada’s largest fund managers are backing Intact Financial Corp. as the auto and property insurer makes an audacious play for British rival RSA Insurance Group PLC. (Andrew Willis)
Telus announces $1.2-billion acquisition of data service provider Lionbridge AI: Telus Corp. announced a $1.2-billion acquisition of Lionbridge AI through its Telus International unit, which the company says it plans to take public in the first quarter of 2021. (Alexandra Posadzki)
TMX chief executive sees robust new listing pipeline: TMX Group Ltd. chief executive John McKenzie expects new listings on the Toronto Stock Exchange and TSX Venture Exchange to remain robust until the end of the year, following a strong quarter for initial public offerings and financings, particularly in the technology and mining sectors. (Mark Rendell)
Ottawa may have to require corporate boards to set diversity targets, senator says: Senator Howard Wetston – the former top securities regulator in Ontario – says the federal government may have to step in and require corporate boards to set targets for diversity if the provinces can’t get it done. (David Milstead)
Canada must merge investment industry regulators, former OSC chairs say: It is time to consolidate. This is the view of several former chairs of the Ontario Securities Commission and the current head of the province’s modernization task force, on the future of the two self-regulatory organizations (SROs) that oversee Canada’s investment advisory industry. (Clare O’Hara)
GardaWorld CEO blasts the Caisse for backing Allied Universal in bid for rival G4S: A war of words between Caisse de dépôt et placement du Québec and GardaWorld flared up further Wednesday as the chief executive officer of the security services company criticized the pension fund giant for using retiree money to back an offer by Allied Universal Security Services LLC for rival G4S PLC. (Nicolas Van Praet)
Venture capital, private equity financings fall in third quarter amid pandemic uncertainty: The pandemic is slowing down deal making in Canada’s venture capital and private equity markets, with the value of investing in the two sectors dropping sharply this year after running at a record-setting pace in 2019. (Andrew Willis)
Opinion: How a murky balance sheet line signals weak profits ahead: It’s one of the most murky and least understood parts of a balance sheet. But a line called “deferred tax assets” – and how it changes quarter to quarter – can provide clues to a company’s future profits. Or, in the case of 2020, the lack of future profits. (David Milstead)
Montreal’s Dorel strikes deal to be taken private by Cerberus Capital, founding family: The controlling shareholders of Dorel Industries Inc. have made a non-binding proposal to take the bicycle and baby products maker private after several rocky years in which the Canadian company’s once high-flying shares tumbled to near penny-stock status. (Nicolas Van Praet)
Opinion: What are Rogers’s options with the Cogeco takeover bid clearly failing?: Joe Natale has a problem every big bank is trying to help him solve: How does the chief executive officer of Rogers Communications Inc. avoid taking a haircut as he exits a $1.5-billion investment in Cogeco Inc. and Cogeco Communications Inc.? (Andrew Willis)
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