Murray Edwards ups stake in Canexus in takeover dramaCanadian Natural Resources chairman and billionaire Murray Edwards increased his stake in chemical company Canexus in the midst of a hostile takeover bid for the firm. Edwards currently holds 17.7 million shares in Canexus, a 9.5% stake worth close to $27 million. Edwards has not announced his intentions in acquiring the shares, saying the purchases were for investment purposes.Chemtrade Logistics Income Fund launched a takeover bid for Canexus at the beginning of October, taking a...
Oct 07, 2016
Freehold strikes deal to reduce management feesFreehold Royalties has entered into an amended management agreement with Rife Resources, which is owned by Freehold investor Canadian National Railway Pension Trust Fund and has been managing Freehold’s assets since 1996. Under the amendment, Rife’s fees are capped at 71,912 shares per quarter for 2016, falling to 5,500 shares per quarter by 2023. Freehold has the option of paying the fees in shares or their cash equivalent. Freehold shares closed at $10.77 on Nov. 10. At that price, the fees...
Nov 09, 2015
PWA to acquire ProSep assets for $9.0 millionProduced water treatment company ProSep Inc. has entered into an asset purchase agreement with Wooster, Ohio-based Produced Water Absorbents Inc. for PWA to acquire substantially all of the assets of ProSep, including the company's subsidiaries, for $9.2 million. ProSep has been granted creditor protection under the Companies' Creditors Arrangement Act. The Superior Court of Quebec has approved the asset sale.Montreal-based ProSep will no longer have any assets or active business as a...
Oct 24, 2013
Structural themes driving M&A activity this yearCanada's M&A market is likely to see more aggressive antitrust regulation, increased use of income trusts to invest tax-free in foreign assets, and fierce debate over the use of "poison pills" by company boards to prevent takeover bids, a leading business law firm based in Calgary argues. A recent report by the firm, Stikeman Elliott LLP, outlines these and other legal and regulatory trends expected to affect M&A activity this year.Foreign investment is likely to continue,...
Mar 13, 2012
Enerflex, advisors to consider $597 million Toromont bidIn response to a $597 million takeover offer by Toromont Industries, Enerflex Systems Income Fund said its special committee of independent directors engaged BofA Merrill Lynch as the committee's independent financial advisor. Stikeman Elliott LLP has been engaged by the committee as its independent legal advisor.
Toromont already owns 3.9 million units of Enerflex and said it has signed lock-up agreements with unitholders holding another 7.5 million units to support the deal to give it the...
Oct 19, 2009
People Briefs - September 15, 2014• Iona Energy hired Tom Reynolds as CEO and President and Iain McKendrick as chairman. Previously, McKendrick served as CEO of Ithaca Energy while Reynolds acted as CEO of Bridge Energy ASA.• Junex Inc. appointed Henry Sauvagnat to its board of directors while he serves as Chempap Inc's president and CEO.• Strata Oil named Dave Mahowich as operations VP who brings 27 years of oil and gas experience. Mahowich has Peace River oil sands expertise due to him chaperoning drilling...
Sep 15, 2014