By The Canadian Press
Thu., July 8, 2021timer3 min. read
TORONTO – Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,061.21, down 229.39 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Down two cents, or 1.45 per cent, to $1.36 on 9.8 million shares.
The Toronto-Dominion Bank. (TSX:TD). Financials. Down $3.19, or 3.7 per cent, to $83.75 on 8.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down eight cents, or 0.28 per cent, to $28.86 on 6.7 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down seven cents, or 1.4 per cent, to $4.94 on 6.1 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up one cent, or 0.44 per cent, to $2.31 on 5.4 million shares.
Kinross Gold Corp. (TSX:K). Materials. Down 28 cents, or 3.47 per cent, to $7.79 on 5.2 million shares.
Companies in the news:
Canadian National Railway Co. (TSX:CNR). Down 24 cents to $132.07. A behind-the-scenes bidding war for Kansas City Southern took place over nine months before culminating in a blockbuster US$33.6-billion offer from Canadian National Railway Co., a newly released document reveals. According to a proxy circular, interest in the first U.S. railway merger in nearly 20 years was initiated last August by an investor consortium only identified as “Party A.” The initial offer of more than US$21 billion or US$195 per share in cash was rejected by KCS but it launched a battle that also attracted interest from Canadian Pacific Railway Ltd. before CN sealed the deal in May. CN’s cash and share offer is 60 per cent higher than the initial proposal that anticipated receiving all regulatory approvals within four to six months. The U.S. railway says a virtual special meeting will be held Aug. 19 where all common and non-cumulative preferred stockholders as of July 1 are eligible to vote. If approved by a majority of KCS outstanding voting shares and a key voting trust is sanctioned by the U.S. Surface Transportation Board, each common shareholder will receive US$200 in cash and 1.129 shares of CN stock, together valued at US$325, for each KCS stock. Preferred stockholders will receive US$37.50 cash for each share. The voting trust will allow KCS to remain independent and protect its financial health while a full review of the transaction is conducted, but allow shareholders to be paid without having to wait for a final decision on the deal.
Dye & Durham Ltd. (TSX:DND). Up 74 cents or 1.6 per cent to $47.08. Cloud-based software and technology company Dye & Durham Ltd. says it has acquired TM Group (UK) Ltd. for approximately $156 million. Tmgroup provides online services for residential and commercial real estate transactions in England, Wales and Scotland. Dye & Durham chief executive Matt Proud says the deal will help grow its business in the United Kingdom. The company says the transaction will be financed with cash on hand. The deal follows an acquisition by Dye & Durham of GlobalX Information Pty Ltd. in Australia for $159 million earlier this month. GlobalX provides services and software, including online property and business regulatory information, to law firms, financial institutions and other clients.
Postmedia Network Canada Corp. (TSX:PNC.A). Up 19 cents or 9.5 per cent to $2.20. The CEO of Postmedia Network Canada Corp. said Thursday that he’s hopeful that growth in revenue from the publisher’s digital products is a sign of a recovery from the worst impact of the pandemic. Chief executive Andrew MacLeod said in an interview that Postmedia doesn’t expect its legacy businesses to return to sustained growth but it hopes they return to pre-pandemic levels. Postmedia, which owns the National Post and other print and digital publications, said earlier Thursday it had a $8.7-million net profit during the third quarter ended May 31, compared with a $13.8-million loss a year earlier. The profit was equal to nine cents per share, compared with a loss of 15 cents for the three months ended May 31, 2020. Digital revenue for the three months was up $4.7 million or 21.6 per cent to $27 million, partly offsetting declines in advertising and circulation revenue. Total revenue for the third quarter was $111.7 million, a decline of 0.6 per cent from $112.4 million a year earlier. Postmedia said the quarter included nearly $8.9 million in gains on foreign currency exchange compared with a $4.6-million loss a year earlier.
This report by The Canadian Press was first published July 8, 2021.