Here are the top reads on deals and financial services over the past week,
Quebec judge sets stage for potential Cirque du Soleil auction: A judge for the Superior Court of Quebec has approved a takeover proposal an offer valued at more than US$1.2-billion for Cirque du Soleil from its secured creditors, setting the stage for a potential auction for the insolvent entertainment company next month. (Nicolas Van Praet)
Dye & Durham stock soars on IPO debut, renewing hopes for surge in tech IPOs: Dye & Durham Ltd. stock soared in its debut as a public company Friday, fueled by strong demand for technology stocks during the pandemic – and giving hope to Bay Street bankers of a long-awaited surge of initial public offerings from the domestic sector. (Sean Silcoff)
Gateway Casinos sale collapses as potential buyer pulls plug: The potential buyer of Gateway Casinos & Entertainment Ltd., one of Canada’s largest gambling companies, walked away from the $1.5-billion takeover on Thursday, the latest in a series of deals to fail during the pandemic. (Andrew Willis)
Canadian banks reap hefty fees from U.S. pandemic aid program: Four of Canada’s banks are collecting hundreds of millions of dollars in fees to help dole out the U.S. government’s COVID-19 aid to small businesses, sums that dwarf more modest compensation paid to banks by the Canadian government for a similar pandemic relief program. (James Bradshaw)
Major mutual fund companies urge OSC to relax proposed rules for controversial deferred fee funds: Several of Canada’s largest mutual fund companies are urging Ontario’s securities regulator to relax proposed rules that will allow them to continue to sell controversial mutual funds that charge investors early-withdrawal fees. (Clare O’Hara)
RBC returns money to customers after discovering long-running foreign exchange error: Royal Bank of Canada is refunding money to nearly 60,000 personal banking clients after finding an error in the way it calculated some foreign exchange transactions for more than a decade. (James Bradshaw)
Wealthsimple launches cryptocurrency trading platform: Wealthsimple Inc. is launching a cryptocurrency trading platform in a move to attract new customers to its brand and capitalize on renewed interest in the lightly regulated asset class popular with young investors. (Mark Rendell)
B.C. online caterer Foodee acquires U.S. rival, raises $13-million: A Vancouver online corporate catering business hit hard by the COVID-19 pandemic has bought an equally stricken U.S. rival – and raised new funds from investors who believe it will emerge in a stronger position as workers return to offices. (Sean Silcoff)
Ottawa deepens ties to Shopify with new small retailer support program during pandemic: The program, called Go Digital Canada, aims to help entrepreneurs sell their wares online while physical retail store sales remain slow due to COVID-19 precautions. (Josh O’Kane and Sean Silcoff)
U.K.-based real estate brokerage firm Purplebricks pulls out of Canada, sells operations to Desjardins: Desjardins Group is buying discount real estate brokerage Purplebricks Canada for $60.5-million, as the company’s British-based owner pulls out of Canada after failing to gain traction with an ambitious international expansion plan. (James Bradshaw)
Telus buys smartphone repair chain MobileKlinik in bid to help keep churn down: Most retailers are grappling with the fallout from the COVID-19 pandemic and many are shutting stores. But Mobile Klinik, a chain that repairs smartphones, is on a growth spurt. (Alexandra Posadzki)
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