Bay Street mostly left out again as Wall Street banks dominate $2-billion-plus underwriting roles: Shopify Inc. on Tuesday filed preliminary prospectuses to raise US$800-million in convertible senior notes and to sell 1.1 million subordinate voting shares. Wall Street banks Goldman Sachs, Citigroup and Credit Suisse are the only ones listed in the regulatory documents as underwriters and stand to earn millions in fees on the financings. Sources familiar with the company said Royal Bank of Canada, which played a secondary role on Shopify’s May, 2015, initial public offering, would be added as a co-manager on the debt and equity deals, a junior role on the offerings. (Sean Silcoff)
Canopy Growth, related companies face $500-million lawsuit from joint-venture partner: A group of prominent greenhouse operators has launched a lawsuit against Canopy Growth Corp. and two related cannabis companies seeking $500-million in damages and alleging fraud and civil conspiracy in a dispute over a troubled joint venture in Southwestern Ontario. (Mark Rendell)
Former GMP Capital CEO proposes new slate of directors in fight over restructuring plan: The former chief executive of GMP Capital Inc. wants the investment dealer to buy back as much as $50-million of its own shares before launching a restructuring that would make Winnipeg’s Richardson family the company’s largest shareholder. (Andrew Willis)
Telecom executives disagree on what’s driving Rogers' hostile takeover bid for Cogeco: A senior executive at Cogeco says a hostile takeover bid by Rogers Communications Inc. was designed to remove a potential wireless competitor from the market and could damage Rogers' reputation with its Quebec customers and other potential acquisition targets. (Alexandra Posadski)
Quebec trucking company TFI buys U.S. company DLS for US$225-million, its eighth acquisition this year: Canadian trucking company TFI International Inc. is pushing further into the United States with the purchase of R.R. Donnelley & Sons business unit DLS Worldwide, its eighth acquisition in roughly eight months. (Nicolas Van Praet)
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