Category: Canada

Royal Gold Inc.’s RGLD-Q share price sank on Monday after the Denver company announced friendly takeover bids for Sandstorm Gold Ltd. SSL-T and Horizon Copper Corp. HCU-X in a $5-billion transaction that will create one of North America’s largest gold royalty companies.

Early Monday, Royal announced a US$3.5-billion, all-share bid for Sandstorm and a separate $196-million cash bid for Horizon, both of which are based in Vancouver. Sandstorm is the largest shareholder in Horizon, with a 34-per-cent stake.

Royal’s share price dropped sharply on news of the takeover, closing Monday down 6 per cent on the Nasdaq exchange. Sandstorm’s share price rose 6 per cent on the Toronto Stock Exchange, and Horizon shares jumped by 67 per cent on the TSX Venture Exchange.

In recent years, numerous gold companies have seen their share prices drop after announcing takeovers, on investor concerns that the buyer has overpaid.

“Royal Gold outlined the transaction would be accretive to net asset value and dilutive to its operating metrics,” analyst Josh Wolfson at RBC Capital Markets said in a report. “Our take is this will be viewed as slightly negative to Royal Gold.”

Royal, Sandstorm and Horizon are royalty companies that provide upfront financing to miners in return for the right to a percentage of production from a mine, for the life of the project. The transactions, which Royal called Project Helix, give Royal significantly more geographic diversity and lessen the company’s reliance on any one gold mine.

“In the medium term, we question if this transaction reaffirms Royal Gold’s relative discount versus peers given low accretion, or if it will act as a catalyst for shares to re-rate given its larger liquidity and diversification,” Mr. Wolfson said.

Precious-metal prices are currently soaring on geopolitical unrest, with investors paying a premium to own the largest mining companies. Prior to announcing the takeovers, Royal’s share price was up by 36 per cent this year and Sandstorm shares were up 76 per cent.

“This is a milestone transaction for Royal Gold – it will significantly increase the company’s scale, diversification and potential for organic, long-term growth,” Royal Gold chief executive officer Bill Heissenbuttel said in a press release. “We’re looking forward to building on our investments in the Canadian mining sector.”

Royal offered 0.0625 of its shares for each Sandstorm share, a 21-per-cent premium to the closing price ahead of the July 4 weekend.

It also bid $2 a share in cash for Horizon Copper, an 85-per-cent premium to the company’s closing price last Friday. In 2022, Sandstorm sold a number of royalty interests to Horizon and took shares in the company as part of the payment.

Royal has 171 royalties on gold, silver and copper mines and an US$11.6-billion market capitalization. The company’s largest stake is in the Mount Milligan mine in British Columbia, operated by Centerra Gold Inc., which accounts for roughly 25 per cent of Royal’s net asset value.

If the Sandstorm and Horizon takeovers are approved by shareholders and the Canadian government, Royal’s largest royalty will be worth just 13 per cent of the company’s net asset value. Royal said that if the transactions go forward, it would increase gold equivalent ounce production – a measure that wraps in royalties on all metals – by 26 per cent.

Sandstorm has 230 royalty agreements, including rights to revenues from 40 operating mines. Its major assets include stakes in the Mara project in Argentina, which is being developed by Glencore PLC; the Antamina copper mine in Peru, owned by BHP PLC, Teck Resources Inc., Glencore and Mitsubishi Corp.; and Rio Tinto’s Oyu Tolgoi mine in Mongolia’s Gobi Desert.

“Joining forces with Royal Gold will amplify the strengths of Sandstorm’s portfolio and unlock new opportunities for our shareholders,” said Sandstorm CEO Nolan Watson.

Royal will continue to be a gold-focused company after the takeovers, with 75 per cent of revenues coming from the precious metal. The company said 41 per cent of production will be at mines in the United States and Canada, “and the remainder from countries where mining is a welcome and well-established contributor to local economies.”

Royal and Sandstorm executives have held informal merger talks for several years, according to a company executive. The two companies, along with Horizon, started serious negotiations in February, at a Bank of Montreal mining conference in Florida. The Globe and Mail agreed not to name the executive because they were not authorized to speak publicly about the transaction.

Both takeovers require the approval of two-thirds of shareholders in the target companies. The boards of all three mining companies endorsed the transactions. If approved, the deals are expected to close by the fourth quarter of 2025. RBC’s Mr. Wolfson said: “We see a competing offer as unlikely.”

The largest royalty companies are Vancouver-based Wheaton Precious Metals Corp., which has a $56-billion market capitalization, and Franco-Nevada Corp., which is headquartered in Toronto and has a $44-billion market capitalization.

As industry leaders, Wheaton and Franco-Nevada have market valuations significantly higher than Royal Gold’s based on metrics such as their stock price compared with their net asset value, cash flow and earnings before interest, taxes, depreciation and amortization, according to a recent report from RBC Capital Markets.

Andrew Hider: ©Baxter

Baxter International Inc. announced that Andrew Hider will become its next president and chief executive officer, succeeding interim CEO Brent Shafer. Hider is expected to assume the role no later than Sept. 3, 2025, pending the completion of his current commitments.

Shafer, who has served as chair and interim CEO since February, will transition to the role of independent chair of the board following Hider’s appointment.

Hider brings more than two decades of global leadership experience to the health care company, most recently serving as CEO of ATS Corporation, a provider of automation solutions for industries including life sciences and energy. Under his leadership, ATS nearly doubled its adjusted revenues over five years and achieved a comparable increase in earnings, while the company’s stock more than tripled on the Toronto Stock Exchange.

“Andrew is an exceptional leader with a strong track record of operational excellence, disciplined execution and innovation,” Shafer said in a statement. “We are confident he is the right executive to lead Baxter into its next chapter.”

In a statement, Hider said he was drawn to Baxter’s mission-driven culture and its legacy of delivering medically essential products.

“Baxter has undergone a significant transformation over the last few years, refocusing the company and better positioning it for the future,” Hider said. “I look forward to partnering with the board and working alongside my talented future colleagues to accelerate innovation, further enhance our performance and redefine health care delivery while driving sustainable, long-term growth.”

Hider’s prior experience includes executive roles at Taylor Made Group and Danaher Corp., as well as a decade at General Electric. He currently sits on the board of Tennant Co. and holds both a bachelor’s degree in interdisciplinary engineering and management and an MBA from Clarkson University.

Baxter is a global medtech firm known for its portfolio of products supporting critical care, surgical, renal, and hospital-based therapies.

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

VANCOUVER — Royal Gold Inc. announced friendly agreements to acquire Sandstorm Gold Ltd. and Horizon Copper Corp. in a pair of deals worth a total of over $5 billion.

The Denver-based company says the acquisitions will help reinforce its position as a North American gold-focused streaming and royalty company.

Royal Gold chief executive Bill Heissenbuttel says the deals will create a global portfolio of precious metals interests that is unmatched in terms of asset diversification, development and organic growth potential.

Under the deal with Vancouver-based Sandstorm, Royal Gold will issue 0.0625 of a Royal Gold share for each Sandstorm share.

The company says the offer worth about $4.8 billion represents a 17 per cent premium to the closing price for Sandstorm shares on the New York Stock Exchange on July 3.

The deal for Vancouver-based Horizon will see Royal Gold pay $2 per share in cash for the Horizon shares, representing a 72 per cent premium to the closing price of the Horizon shares on the TSX Venture Exchange on July 4.

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

Companies in this story: (TSX:SSL, TSXV:HCU)

The Canadian Press

Scotiabank Bahamas officially launched its highly anticipated “Ticket to Tokyo” campaign with an exclusive client celebration at OKU Restaurant, transforming the chic venue into a sleek, Tokyo-themed oasis. Guests, including Scotiabank clients and invited partners, were treated to signature cocktails, curated Asian inspired bites and a vibrant atmosphere designed to mirror the excitement and sophistication of Japan’s capital city.

The event served as a thrilling preview of what one lucky Scotiabank credit cardholder and their guest will experience this fall, an all-expenses paid trip to Tokyo, Japan. The campaign reflects Scotiabank’s continued commitment to creating meaningful and memorable experiences for its clients, extending far beyond traditional banking benefits.

“At Scotiabank, we believe in more than just banking, we believe in delighting our clients with experiences that go beyond the benefits of our products and services,” said Roger Archer, VP & District Head at Scotiabank Bahamas. “Our credit cards are designed to match every lifestyle, with features that reward clients for their everyday purchases in ways that truly matter.”

The “Ticket to Tokyo” promotion, which runs from May 19 through July 7, 2025, is open to legal residents of The Bahamas who are 18 years or older. Eligible participants can enter by spending BSD$350 or more on a Scotiabank credit card, with each qualifying transaction earning one entry into the draw. New cardholders can also participate by activating their card and making a qualifying purchase. There is no limit to the number of entries a cardholder can earn, increasing their chances of winning with each eligible transaction.

The grand prize includes roundtrip airfare to Tokyo for two, five days and four nights of hotel accommodation, ground transportation, USD $1,000 in spending money and a curated experience that may include athletic events and cultural excursions. Travel dates for the trip are set for September 13-23, 2025.

Scotiabank offers a wide selection of credit card products that cater to a variety of needs and preferences. Clients can benefit from no annual fees with the Scotiabank Visa card, earn travel points through the Mastercard Aero or Visa AAdvantage cards, enjoy up to 4% cashback with the Mastercard Gold or accumulate Membership Reward Points through American Express for exclusive perks and lifestyle experiences.

Over the years, Scotiabank has taken its cardholders to some of the world’s most prestigious events and destinations, including Formula 1 races in the US, the NBA Finals in Miami, the Miami Open, FIFA World Cup in Australia, and cultural getaways across Greece, Italy, Paris, Oregon, and Budapest. Clients have also enjoyed exclusive concert experiences, including shows by Taylor Swift and Coldplay.

The “Ticket to Tokyo” campaign is the latest in a long line of once in a lifetime opportunities presented by Scotiabank to thank its clients for their loyalty and continued trust.

“This campaign is an extension of our client-centric approach and our goal to deliver value in unique and exciting ways,” added Archer. “We’re proud to reward our credit card clients with a chance to explore one of the world’s most vibrant cities, where ancient tradition and cutting edge innovation come together in unforgettable fashion.”

The winner of the campaign will be announced on July 17, 2025. To learn more or to apply for a Scotiabank credit card, interested persons can visit bs.scotiabank.com or stop by any branch location.

About Scotiabank

Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.

Scotiabank Bahamas officially launched its highly anticipated “Ticket to Tokyo” campaign with an exclusive client celebration at OKU Restaurant, transforming the chic venue into a sleek, Tokyo-themed oasis. Guests, including Scotiabank clients and invited partners, were treated to signature cocktails, curated Asian inspired bites and a vibrant atmosphere designed to mirror the excitement and sophistication of Japan’s capital city.

The event served as a thrilling preview of what one lucky Scotiabank credit cardholder and their guest will experience this fall, an all-expenses paid trip to Tokyo, Japan. The campaign reflects Scotiabank’s continued commitment to creating meaningful and memorable experiences for its clients, extending far beyond traditional banking benefits.

“At Scotiabank, we believe in more than just banking, we believe in delighting our clients with experiences that go beyond the benefits of our products and services,” said Roger Archer, VP & District Head at Scotiabank Bahamas. “Our credit cards are designed to match every lifestyle, with features that reward clients for their everyday purchases in ways that truly matter.”

The “Ticket to Tokyo” promotion, which runs from May 19 through July 7, 2025, is open to legal residents of The Bahamas who are 18 years or older. Eligible participants can enter by spending BSD$350 or more on a Scotiabank credit card, with each qualifying transaction earning one entry into the draw. New cardholders can also participate by activating their card and making a qualifying purchase. There is no limit to the number of entries a cardholder can earn, increasing their chances of winning with each eligible transaction.

The grand prize includes roundtrip airfare to Tokyo for two, five days and four nights of hotel accommodation, ground transportation, USD $1,000 in spending money and a curated experience that may include athletic events and cultural excursions. Travel dates for the trip are set for September 13-23, 2025.

Scotiabank offers a wide selection of credit card products that cater to a variety of needs and preferences. Clients can benefit from no annual fees with the Scotiabank Visa card, earn travel points through the Mastercard Aero or Visa AAdvantage cards, enjoy up to 4% cashback with the Mastercard Gold or accumulate Membership Reward Points through American Express for exclusive perks and lifestyle experiences.

Over the years, Scotiabank has taken its cardholders to some of the world’s most prestigious events and destinations, including Formula 1 races in the US, the NBA Finals in Miami, the Miami Open, FIFA World Cup in Australia, and cultural getaways across Greece, Italy, Paris, Oregon, and Budapest. Clients have also enjoyed exclusive concert experiences, including shows by Taylor Swift and Coldplay.

The “Ticket to Tokyo” campaign is the latest in a long line of once in a lifetime opportunities presented by Scotiabank to thank its clients for their loyalty and continued trust.

“This campaign is an extension of our client-centric approach and our goal to deliver value in unique and exciting ways,” added Archer. “We’re proud to reward our credit card clients with a chance to explore one of the world’s most vibrant cities, where ancient tradition and cutting edge innovation come together in unforgettable fashion.”

The winner of the campaign will be announced on July 17, 2025. To learn more or to apply for a Scotiabank credit card, interested persons can visit bs.scotiabank.com or stop by any branch location.

About Scotiabank

Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at April 30, 2025), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.

One of the country’s largest property owners, H&R Real Estate Investment Trust, is up for sale after receiving a hostile takeover offer.

H&R REIT HR-UN-T, which owns $10.5-billion of residential, industrial, retail and office properties, announced on Friday it formed a special committee of independent directors in February to consider its strategic options “after receiving an unsolicited expression of interest.”

The Toronto-based company said in a press release that since February, it has received several other proposals on “potential transactions.”

H&R REIT has hired investment banks and law firms to advise the special committee and the company. The company did not disclose who made offers, and the price of the potential transactions.

The price of H&R REIT units jumped by 15 per cent to $12.25 on the Toronto Stock Exchange after the company released news of the takeover activity. H&R REIT’s market capitalization is $3.3-billion.

“No decision has been made as to whether the REIT should proceed with a potential transaction, nor has any agreement been reached with a counterparty,” H&R REIT said in a press release. “There can be no assurance that the special committee’s process will result in any potential transaction or any other alternative transaction.”

H&R REIT owns properties in Canada and the U.S., and its mix of real estate sets it apart from peers, which tend to specialize in one sector, such as residential apartments, malls or industrial buildings.

Residential properties make up 49 per cent of H&R REIT’s portfolio. The company holds 18 per cent of its assets in industrial and office buildings and 15 per cent in retail real estate.

H&R REIT units trade on the TSX at a discount to their net asset value (NAV), as do units of many domestic REITs. In a report on Friday, analysts Jimmy Shan and Pammi Bir at RBC Capital Markets said potential bidders would likely put a $14.50 per unit NAV on the REIT.

“This will not be an easy transaction as 1) we believe it is unlikely that one buyer is interested in all properties; and 2) the office assets are difficult to underwrite in a largely illiquid market,” said the RBC analysts. “Stating the obvious, there is a better chance that an acceptable bid surfaces in the presence of competition.”

In mid June, RBC Capital Markets hosted investor meetings for H&R REIT chief executive officer Tom Hofstedter and chief financial officer Larry Froom. In a report published on June 18, the analysts said the two executives “provided a rather sober outlook on the state of affairs.”

Three weeks after the investor meetings, H&R REIT publicly announced the strategic review that has been underway for five months.

In 2023, hedge fund K2 & Associates Investment Management Inc. ran a successful activist campaign that put two new trustees on the H&R REIT board. The K2 campaign supported selling H&R’s retail and office building portfolios, steps the company has yet to announced.

The discount between the trading price of domestic real estate companies and the underlying value of their properties has led to several large takeovers in the past year.

In May, the executive chair of InterRent Real Estate Investment Trust, Mike McGahan, offered to acquire the apartment owner for $2-billion with the backing of Singapore sovereign wealth fund GIC.

Last year, New York-based asset manager Blackstone Inc. acquired apartment owner Tricon Residential Inc., which is headquartered in Toronto, for US$3.5-billion.

H&R REIT’s special committee hired National Bank Financial as its financial advisor and Fasken Martineau Dumoulin LLP as legal counsel.

The REIT hired CIBC Capital Markets is its financial advisor, along with law firm Blake, Cassels & Graydon LLP.

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