Cogeco shareholder urges Audet family to consider Altice/Rogers bid: A Cogeco Inc. shareholder is urging the Audet family to give other investors a say on a sweetened takeover bid worth $11.1-billion that the family swiftly dismissed on Sunday, just hours after it was tabled. (Alexandra Posadzki, Jeffrey Jones)
Investors flee Brookfield’s new insurance partner as takeover is thwarted: Brookfield Asset Management Inc.'s big deal to boost its insurance efforts was met with an underwhelming reception from its partner’s investors, who sent its shares tumbling. American Equity Investment Life Holding Co. fell nearly 15 per cent, to US$27.49 a share, as investors learned a competing offer for the entire company was now off the table after American Equity and Brookfield made their deal. (David Milstead)
Topaz IPO comes in at bottom of expected price range, raising $217.5-million: Topaz Energy Corp. has priced its initial public offering at the bottom of its target range, and shrunk the size of a planned secondary issue by its corporate parent amid shaky markets. The hybrid royalty and energy-infrastructure company, said it will raise $217.5-million from the sale of shares at $13 apiece in the first energy-related IPO since 2018. (Jeffrey Jones)
CPPIB emerges with a jewel from the Neiman Marcus bankruptcy: After a series of legal manoeuvres and a bruising battle with creditors, CPPIB and investor Ares Management LLC are now the owners of Mytheresa, the Neiman Marcus-owned online luxury retailer that’s worth hundreds of millions of dollars. The struggle to retain ownership of Mytheresa has allowed Canadians to salvage something from CPPIB’s ownership of Neiman Marcus, one of the pension plan’s more notorious investment missteps. (David Milstead)
Estate of Tim Hortons co-founder Ron Joyce backs Sandpiper in proxy fight: The activist investor seeking to oust most of the board at Artis Real Estate Investment Trust says it has secured the support of the commercial landlord’s biggest shareholder. Sandpiper Group provided a letter on Monday from the estate of Tim Hortons co-founder Ron Joyce, saying it will back the bid for change at Winnipeg-based Artis. (Jeffrey Jones)
ConocoPhillips buying Concho Resources for $9.7-billion in 2020′s biggest shale deal: ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc. for US$9.7-billion, as the energy sector continued to consolidate amid lower fuel prices and demand. (Reuters)
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