Live From the Desk

A Hostile Resolution

As a quick follow up to our Into Hostile Territory email (sent January 4th), about Canadian hostile transactions, we are pleased to note the resolution of the final two situations: CANMARC and Ruggedcom. In mid-January, CANMARC received a sweetened offer from Cominar: an 8% increase to $16.50 per share. Yesterday morning, it was announced that …

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Into Hostile Territory

We have seen five hostile transactions in Canada since July. While hostile bids for US-based companies have not been a mainstay of our event-driven strategies, hostile Canadian bids have historically offered particularly attractive risk-adjusted returns. The primary reason for the difference between the two jurisdictions is the emergence of the “just say no” defense in …

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