Author: Canadian Press

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)

The Canadian Press

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

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