Author: Canadian Press

InterRent REIT agrees to offer from executive chair, sovereign wealth fund

OTTAWA — InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion.

Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt.

InterRent units were up almost 15 per cent at $13.58 in midday trading on the Toronto Stock Exchange on Tuesday.

In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group.

The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded.

It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions.

The agreement includes a “go-shop period” lasting from Wednesday until July 6, during which InterRent can try and attract better offers.

“We are pleased to provide immediate and certain premium value to our unitholders through this all-cash transaction with CLV Group and GIC, while also allowing InterRent to solicit superior proposals through a go-shop period of 40 days,” said Brad Cutsey, InterRent’s CEO and trustee.

Toronto-based activist hedge fund Anson Funds became the largest investor in InterRent earlier this year with a nine per cent stake.

“While we are pleased to see the InterRent board take a concrete step toward closing its valuation discount, we will see how the go-shop process unfolds as we believe there is potential for more value to be realized,” Anson said in a statement after the acquisition was announced Tuesday.

This report by The Canadian Press was first published May 27, 2025.

Companies in this story: (TSX:IIP.UN)

The Canadian Press

InterRent REIT agrees to offer from executive chair Mike McGahan

OTTAWA — InterRent Real Estate Investment Trust has signed a deal to be acquired by a group including executive chair Mike McGahan and Singapore sovereign wealth fund GIC for about $2 billion.

Under the agreement, CLV Group and GIC will pay InterRent unitholders $13.55 per unit in cash. The transaction is valued at a total of about $4 billion including the assumption of net debt.

InterRent units were up $1.80 at $13.64 in trading on the Toronto Stock Exchange on Tuesday.

In addition to his role at InterRent, which owns residential properties in B.C., Ontario and Quebec, McGahan is the chief executive and controlling shareholder of CLV Group.

The deal requires approval of a two-thirds majority vote by unitholders as well as a majority vote by unitholders, excluding CLV Group, its affiliates and any other unitholders required to be excluded.

It also requires court and regulatory approvals, consents and approvals from Canada Mortgage and Housing Corp. and certain existing lenders and the satisfaction of other customary closing conditions.

This report by The Canadian Press was first published May 27, 2025.

Companies in this story: (TSX:IIP.UN)

The Canadian Press

Strathcona Resources makes stock-and-cash takeover offer for MEG Energy

CALGARY — Strathcona Resources Ltd. is making a takeover stock-and-cash offer for oilsands producer MEG Energy Corp. that values the company at about $5.9 billion.

The offer comes after Strathcona, which already owns about a 9.2 per cent stake in MEG, says it sent a takeover offer to the MEG board of directors in April, but was rejected earlier this week.

“Strathcona respects the MEG board’s right to dismiss any offer made for MEG, and it has no reason to believe that its decision to dismiss Strathcona’s proposal was not made in good faith,” the company said in a news release.

“However, Strathcona believes the benefits of a combination of Strathcona and MEG are significant enough that MEG Shareholders should have the opportunity to decide for themselves.”

It is offering 0.62 of a Strathcona share and $4.10 in cash per MEG share in the proposal worth $23.27 per MEG share based on the closing price of its shares on Thursday.

MEG shares closed at $21.30 on the Toronto Stock Exchange on Thursday.

Strathcona said it is ready to engage with the MEG board and would also support a strategic alternatives process to determine if a superior transaction is available.

“Strathcona would be willing to participate constructively and in good faith in such a process, including signing a mutual confidentiality agreement to share non-public information, provided it is not required to sign a standstill agreement,” the company said.

Strathcona said a combination with MEG would create Canada’s fifth largest oil producer and fourth largest steam-assisted gravity drainage producer, with among the largest proved oil reserves in North America.

It said it has identified $175 million in annual synergy opportunities, including $50 million in overhead reduction costs, if the deal goes ahead.

On Wednesday, Strathcona announced a series of three agreements to sell its assets in the Montney region valued at a total of $2.84 billion in a move that will make it a pure-play heavy oil company.

It also said it has bought the Hardisty crude-by-rail rail terminal in Alberta for about $45 million.

This report by The Canadian Press was first published May 16, 2025.

Companies in this story: (TSX:SCR, TSX:MEG)

The Canadian Press

Robinhood Markets signs deal to buy WonderFi Technologies for $250M

TORONTO — Robinhood Markets Inc. has signed a deal to buy Canadian cryptocurrency company WonderFi Technologies Inc. for $250 million.

WonderFi owns cryptocurrency platforms Bitbuy and Coinsquare.

Under the deal, Robinhood will pay 36 cents per WonderFi share.

WonderFi shares rose nine cents to 34.5 cents in afternoon trading Tuesday on the Toronto Stock Exchange.

Robinhood established a Canadian headquarters in Toronto last year.

WonderFi will continue to operate its products after the deal closes, and the company’s leadership team will stay on as part of Robinhood Crypto.

This report by The Canadian Press was first published May 13, 2025.

Companies in this story: (TSX:WNDR)

The Canadian Press

Pan American Silver buying MAG Silver for US$2.1B in stock and cash

VANCOUVER — Pan American Silver Corp. has signed a deal to acquire MAG Silver Corp. in a stock-and-cash offer valued at US$2.1 billion.

MAG holds a 44 per cent joint venture interest in the Juanicipio mine, operated by Fresnillo plc, which holds the remaining stake.

MAG chief executive George Paspalas says the deal represents a compelling opportunity for shareholders, providing an immediate premium and meaningful exposure to Pan American’s world-class assets and growth strategy.

Under the terms of the deal, MAG shareholders will be able to choose to receive payment in the form of US$20.54 in cash per share, 0.755 common shares of Pan American per share, or a combination of the two, subject to proration with the total amount of cash available under the offer capped at US$500 million.

MAG Silver shares were up C$1.93 or eight per cent at C$25.51 in trading on the Toronto Stock Exchange on Monday morning.

Following completion of the deal, existing MAG shareholders will own a roughly 14 per cent stake in Pan American on a fully diluted basis.

This report by The Canadian Press was first published May 12, 2025.

Companies in this story: (TSX:PAAS, TSX:MAG)

The Canadian Press

Fairfax Financial signs letter of intent to buy Keg Royalties Income Fund

VANCOUVER — The Keg Royalties Income Fund has signed a letter of intent to be acquired by Fairfax Financial Holdings Ltd., its largest unitholder.

The proposal for $18.60 per unit in cash values the steak house fund at about $211 million.

Keg units closed at $14.22 on the Toronto Stock Exchange on Friday and were trading up more than 26 per cent after markets opened today.

Fairfax holds just over a 50 per cent stake in the fund, according to data provided by LSEG Data & Analytics.

The fund said its largest unitholder other than Fairfax, which holds a 14.6 per cent stake on an undiluted basis, has agreed to support the proposed transaction, subject to certain customary conditions.

The fund noted the letter of intent is not a definitive agreement, which remains subject to, among other things, a formal valuation and fairness opinion, various regulatory, court and stock exchange approvals, and approval at a special meeting of the unitholders.

This report by The Canadian Press was first published May 5, 2025.

Companies in this story: (TSX:KEG.UN)

The Canadian Press

U.S. company Sunoco signs deal to buy Parkland in agreement valued at US$9.1B

CALGARY — U.S. energy company Sunoco LP has signed an agreement to buy Parkland Corp. in a cash-and-stock deal valued at US$9.1 billion, including assumed debt.

The deal comes as Calgary-based Parkland faces an attempt by Simpson Oil Ltd., its largest shareholder, to replace a majority of its board of directors.

Parkland cancelled its annual meeting set for Tuesday and rescheduled it to June 24, when shareholders will also be asked to approve the Sunoco deal.

Parkland executive chairman Michael Jennings said it is a compelling outcome for shareholders.

“The board unanimously recommends the proposed transaction, recognizing Sunoco’s commitment to safeguarding Canadian jobs, retaining the Calgary head office, and further investing in Canada,” Jennings said in a statement.

“This partnership creates significant financial benefits for shareholders and would position the combined company as the largest independent fuel distributor in the Americas.”

Parkland and Cayman Islands-based Simpson have been at odds over the fuel refiner and retailer’s performance and governance for about a year.

Simpson owns just under 20 per cent of Parkland’s shares and wanted nine of its directors added to Parkland’s board at a shareholder meeting, which has been postponed.

Under shareholder pressure, Parkland said in March it would review options to boost its share price, including a sale of the entire company. Earlier this month, longtime Parkland CEO Bob Espey announced plans to step down before year-end.

As part of the deal, Sunoco intends to form a new publicly traded company named SUNCorp LLC that will hold limited partnership units of Sunoco that are economically equivalent to Sunoco’s publicly traded common units.

Parkland shareholders will receive 0.295 SUNCorp units and C$19.80 for each Parkland share. Parkland shareholders may also elect to receive C$44 per Parkland share in cash or 0.536 SUNCorp units for each Parkland share, subject to limits.

Parkland shares closed at C$36.28 on the Toronto Stock Exchange on Friday.

In addition to shareholder and court approvals, the deal is subject to regulatory approvals, including approval under the Investment Canada Act. Sunoco has committed to maintain a Canadian headquarters in Calgary and significant employment levels in Canada.

It has also committed to continuing to invest in Parkland’s refinery in Burnaby, B.C.

This report by The Canadian Press was first published May 5, 2025.

Companies in this story: (TSX:PKI)

The Canadian Press

Seattle joining Vancouver as new PWHL expansion franchise

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Seattle joins Vancouver as the Professional Women’s Hockey League’s expansion teams next season.

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The PWHL confirmed Wednesday the addition of another West Coast team a week after announcing Vancouver would be the league’s first expansion team in Canada.

“It certainly wasn’t a package deal,” said PWHL executive vice-president of hockey operations Jayna Hefford.

“These two markets stood on their own two feet in terms of market size, media reach, infrastructure, facilities.

“The markets had to rise to the top on their own, but the ability to package them together once they checked those boxes is a great asset.”

Seattle’s team will play out of the 17,151-seat Climate Pledge Arena, which is also the home of the NHL’s Kraken, and practise at the Kraken Community Iceplex.

The addition of Seattle and Vancouver makes for an eight-team league in 2025-26.

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The original six clubs are in Toronto, Montreal, Ottawa, Boston, New York and St. Paul, Minn.

The PWHL wraps its second regular season Saturday before the playoffs.

The league is owned by Los Angeles Dodgers controlling owner Mark Walter and his wife Kimbra.

Seattle’s bid was led by Oak View Group, the developers and operators of Climate Pledge, alongside the Kraken.

“Much like we have the PNE team in Vancouver, the Kraken are going to be day-to-day partners with us here in this market, and I think that’s an exciting thing,” Hefford said.

Seattle is already home to women’s pro sports with the WNBA’s Storm, which also plays out of Climate Pledge, and the NWSL’s Reign.

The PWHL hosted a neutral-site game at Climate Pledge on Jan. 5 between the Montreal Victoire and Boston Fleet as part of its nine-game Takeover Tour. Attendance was 12,608.

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Canada and the United States played a women’s Rivalry Series game there in front of 14,551 on Nov. 20, 2022.

The league cited proximity to Vancouver, elite facilities, the youth hockey community, a strong women’s sports fan base, the Kraken’s partnership, the economic and corporate landscape and the Takeover Tour’s success in drawing the league to Seattle.

“On behalf of the Seattle Kraken and Climate Pledge Arena, I am proud to welcome the Professional Women’s Hockey League to Seattle,” Kraken co-owner Samantha Holloway said in a statement.

“Seattle is an incredible sports city, and we’ve seen firsthand the passion for the women’s game at both the U.S. v Canada Rivalry game and the PWHL Takeover Tour.

“We’re also proud to grow the game of hockey at Kraken Community Iceplex and together we’ll continue to inspire the next generation of hockey players and fans alike.”

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The addition of Seattle seemed imminent after Vancouver, although the PWHL’s launch into the West Coast, with the original six teams clustered in the central to eastern corridor of North America, was a bold move for a new league.

The PWHL’s travel costs will increase significantly in its third season.

“We don’t ever share financials, but I think the message here is that we have an ownership group that is really supportive, that is really excited about the growth,” Hefford said. “This is Phase 1 of a longer-term growth strategy for this league.

“Having different time zones for our games is really important as we start to think about media rights and that sort of thing.”

The collective bargaining agreement between the league and its players states that travel longer than six hours or 400 miles (643 kilometres) will be on commercial airlines in economy or coach class.

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“Teams shall make reasonable efforts to fly without connecting flights, if available, and shall make reasonable efforts to ensure that all player seats on such flights are aisle or window seats, if available,” says the CBA.

What will be PWHL Seattle until a name and logo emerge will have a colour scheme of emerald green and cream.

The PWHL says details on an expansion draft and integration of Vancouver and Seattle into the 2025 draft in Ottawa on June 24 will be released in the coming weeks.

The general managers about to be hired will nevertheless have a short runway for the drafts and for next season.

“We’re in the midst of that search right now,” Hefford said. “There certainly is an urgency, but not at the expense of the diligence that needs to go into this.”

The league stated in early April that attendance this season averaged 7,354 through 79 games for a total of 580,962.

In its shorter inaugural season of 72 games, the league averaged 5,500 fans.

The Victoire, Toronto Sceptres and New York Sirens moved to home arenas with larger capacities in their second seasons.

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