Author: Canadian Press

MONTREAL — Shares of Alimentation Couche-Tard Inc. rose Thursday after the company walked away from its proposal to buy the Japanese parent of 7-Eleven.

The Quebec-based company said Wednesday that it dropped its offer due to what it called a “lack of constructive engagement.”

Martin Landry, managing director at investment bank Stifel, said Couche-Tard’s decision was not a surprise.

“Couche-Tard faced challenges since the beginning of this process when its offer got leaked, forcing the company to disclose publicly its intentions but with limited details on rationale, strategy, synergies, financing and accretion,” Landry wrote in a report.

“Hence, from the get-go investors have been hesitant regarding this potential acquisition, standing on the sideline waiting to get more details.”

Had the deal gone ahead, it would have handed Couche-Tard a dominant position in the global convenience store game.

Couche-Tard was critical of the way the talks with the Japanese company were handled in giving up its pursuit of a deal.

“We are not able to effectively pursue this combination without deeper and genuine further engagement from 7&i leadership and the special committee,” it said.

For its part, Seven & i Holdings Co. Ltd. says it engaged in good faith and constructively with the Quebec-based company to explore the possibility of reaching a deal.

“At the same time, we were always honest about the extraordinary antitrust hurdles a potential transaction would face, including the protracted timeframe to move through the regulatory process,” Seven & i said in a statement.

Couche-Tard spent nearly a year courting the Japanese company, which also holds a broader portfolio of supermarkets, food producers and financial services companies.

Shares in Couche-Tard were up $5.35 or about eight per cent at $73.67 in late-morning trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published July 17, 2025.

Companies in this story: (TSX:ATD)

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TORONTO — A large shareholder of Dye & Durham Ltd. is pushing the company to put itself up for sale and seeking changes to its board of directors.

Plantro Ltd., which says it holds about an 11 per cent stake in Dye & Durham, has requested a special meeting of shareholders and nominated three people to the company’s board.

It is seeking to add Brian Bidulka, David Danziger and Martha Vallance to the board. It wants the removal of board chair Arnaud Ajdler and directors Tracey Keates and Ritu Khanna.

Activist investor Engine Capital successfully pushed for a shakeup at the company in December. Engine Capital’s slate of nominees was appointed after the previous board resigned together ahead of a shareholder vote.

However, Plantro says the Engine activist group and the board have pursued a misguided and haphazard strategy.

Dye & Durham shares were up $1.28 at $11.22 in trading on the Toronto Stock Exchange just before noon.

This report by The Canadian Press was first published July 7, 2025.

Companies in this story: (TSX:DND)

The Canadian Press

TORONTO — Units in H&R Real Estate Investment Trust were up more than 10 per cent after the trust said it is reviewing strategic alternatives after receiving an unsolicited expression of interest.

The trust says the board of trustees formed a special committee of independent trustees in February after receiving the interest.

It adds that the special committee has since received other proposals for potential transactions and is in talks regarding non-binding offers from a number of interested parties.

However, H&R says no decision has been made as to whether the trust should proceed with a potential transaction and that there can be no assurance that the process will result in a deal.

H&R holds a portfolio of residential, industrial, office and retail properties in Canada and the United States.

Units in the trust were up $1.53 at $12.16 in late-morning trading on the Toronto Stock Exchange, though still off the more than $25 they often traded at during the 2010s.

This report by The Canadian Press was first published July 4, 2025.

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

The Canadian Press

VANCOUVER — Telus Corp. has proposed to buy back full ownership of Telus International (Cda) Inc. in a proposal that values the company it spun off in 2021 at about US$940 million.

Under the non-binding indication of interest, Telus says it will pay US$3.40 per share in cash or Telus shares or a combination of both for the shares in the company which operates as Telus Digital that it does not already hold.

Telus International shares, which closed at US$2.96 on the New York Stock Exchange on Wednesday, were up 71 cents US at US$3.67 in trading Thursday. The shares were up 95 cents at C$5.00 in trading on the Toronto Stock Exchange.

The company, which provides IT services and customer service to global clients, went public in 2021 with an initial public offering of US$25 per share.

Telus already owns 57.4 per cent of the company’s outstanding shares including 92.5 per cent of the multiple voting shares and 6.1 per cent of the subordinate voting shares, making its offer worth about US$400 million.

Telus chief executive Darren Entwistle says the proposed deal will yield meaningful benefits for Telus Digital and Telus customers and investors.

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

Companies in this story: (TSX:T, TSX:TIXT)

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