Here are the top reads on deals and financial services over the last 24 hours,
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Canfor minority shareholders reject Pattison’s bid to take full control, shares plummet: Minority shareholders in Canfor Corp., who rejected a bid from B.C. billionaire Jim Pattison are banking on a rebound in the forestry sector in the long haul, but suffered in the short term after turning down his cash offer. Story (Brent Jang)
Minority shareholders show cash isn’t always king in buyout bids: Controlling shareholders are getting no respect. You’d think they’d enjoy the upper hand in takeover battles. But over the past few days, investors with large control blocks in Canfor Corp. and Hudson’s Bay Co. have been disappointed as minority shareholders spurned their offers, share-price reaction be damned. Opinion (Jeffrey Jones)
Cineplex board cuts termination fee to make a Canadian bid more attractive: Cineplex Inc. is taking unprecedented steps to entice a Canadian buyer into topping a $2.2-billion takeover bid for the country’s dominant movie chain from Britain’s Cineworld Group Inc. Story (Andrew Willis)
TD obtains 50-per-cent stake in Quebec mall: Toronto-Dominion Bank’s real estate funds are making a bigger bet on shopping malls by acquiring a 50-per-cent stake in one of Cadillac Fairview’s Quebec malls along with the option to buy part of Sherway Gardens mall in Toronto. Story (Rachelle Younglai)
FINANCIAL SERVICES NEWS
Northern Indigenous leaders meet with banks over investment in Arctic energy: First Nations leaders from Yukon are meeting with bankers in Toronto this week to try to persuade them not to invest in energy development on the range of a vital caribou herd. Story (The Canadian Press)
Hong Kong unrest led to $5-billion capital outflows from investment funds, Bank of England says: Unrest in Hong Kong has led to as much as $5-billion of capital outflows from investment funds in the Asian financial hub since April, the Bank of England said, though its Hong Kong equivalent noted this did not necessarily mean the money had left the city’s banking system. Story (Reuters)
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