TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,500.89, down 33.74 points.)
Suncor Energy Inc. (TSX:SU). Energy. Down 46 cents, or 2.08 per cent, to $21.67 on 11.9 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down 69 cents, or 2.24 per cent, to $30.17 on 11.5 million shares.
Air Canada (TSX:AC). Industrials. Down 56 cents, or 2.43 per cent, to $22.50 on 9.8 million shares.
TC Energy Corp. (TSX:TRP). Energy. Down $1.79, or 3.27 per cent, to $53.02 on 7.9 million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Down six cents, or 0.09 per cent, to $67.87 on 6.9 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 21 cents, or 2.77 per cent, to $7.36 on 6.7 million shares.
Companies in the news:
Canopy Growth Corp. (TSX:WEED). Down 45 cents or 1.35 per cent to $32.83. Canopy has signed a deal valued at $297 million that will see it give up its ownership in Canopy Rivers Inc., which it established as a venture capital firm to invest in the cannabis sector. Under the agreement, Canopy Growth will receive exchangeable shares, warrants and debt in TerrAscend Corp., increasing its direct conditional ownership to 21 per cent from 13 per cent. Canopy Growth will also increase ownership in Quebec greenhouse joint venture Vert Mirabel to 67 per cent from 41 per cent. In exchange, Canopy Growth will pay Canopy Rivers, which plans to change its name, $115 million in cash and 3.75 million Canopy Growth shares. It will also give back its nearly 36.5 million class-B multiple voting shares and 15.2 million class-A subordinate voting shares in Canopy Rivers. The deal is subject to approval by a two-thirds majority vote by holders of Canopy Rivers multiple voting and subordinate voting shares, voting separately on a class basis, as well as a simple majority of disinterested holders of subordinate voting shares.
Great Canadian Gaming Corp. (TSX:GC). Up $6.27 or 16.8 per cent to $43.51. New York-based hedge fund Apollo Global Management has won over key investors in its bid to take Great Canadian Gaming private, after raising its offer to $45 per share. The new price represents a 15.4 per cent increase over its previous offer of $39 per share, enough to win support from major shareholders like Toronto-based hedge fund BloombergSen, which had threatened to oppose the deal. "The increased purchase price of $45 per share unlocks greater value for shareholders, and the company and board appreciate the support of some of Great Canadian's largest institutional shareholders for this transaction," Peter Meredith, chairman of Great Canadian's board of directors, said in a statement Monday. The latest offer from Apollo prices Great Canadian's shares at where they were trading in February, before the pandemic forced restrictions on the company's 26 gaming, entertainment and hospitality properties across Canada. The vast majority of its properties are now closed due to government measures to curb the spread of COVID-19. Great Canadian's shareholders are to vote on the deal at a meeting on Dec. 23.
Bombardier Inc. (TSX:BBD.B) Down one cent or 2.08 per cent to 47 cents. Bombardier Transportation says it has signed a deal with TransLink to build 205 new rail cars for Vancouver's SkyTrain network. The contract is valued at $721 million and includes options for up to an additional 400 rail cars. The new rail cars are being designed at Bombardier Transportation’s North American headquarters in St-Bruno, Que., and its facilities in Kingston, Ont. They will be assembled and tested in Kingston before they are tested again and commissioned by Bombardier employees in Vancouver. TransLink CEO Kevin Desmond says it's the largest fleet procurement order it has ever undertaken.
Cenovus Energy Inc. (TSX:CVE). Cenovus Energy says it has all key regulatory approvals in place to go ahead with its friendly takeover of oilsands rival Husky Energy Inc. The all-shares deal was approved by shareholders of both companies last week. The offer by Cenovus to issue 0.7845 of a Cenovus share plus 0.0651 of a share purchase warrant in exchange for each Husky share was valued at $3.8 billion when announced in late October. Cenovus shares, however, have gained 55 per cent since then as oil prices rise. The companies didn't provide an updated deal value in a joint news release on Monday. The transaction is anticipated to formally close on New Year's Day. The combination is expected to create annual savings of $1.2 billion, the companies have said, to be achieved in part by cutting between 20 and 25 per cent of the 8,600 employees and contractors working at both energy firms.
Obsidian Energy Ltd. (TSX-OBE) Down four cents or 4.5 per cent to 84 cents. Obsidian extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. The tender condition has been lowered to 50 per cent from two-thirds of Bonterra's outstanding shares, Obsidian said. The offer of two Obsidian shares for each Bonterra share tendered also has been extended to Jan. 25 from an earlier deadline of Jan. 4. In November, Obsidian shareholders voted to approve the issuance of up to 72.3 million shares to buy Bonterra despite strong resistance from the target company, which has dubbed the offer a "take-under bid'' based on relative stock prices.
This report by The Canadian Press was first published Dec. 21, 2020.
The Canadian Press