Monday, November 2. News through 9:36 a.m. Toronto time.
A majority stake isn’t the finish line
Tidewater Midstream already owns about 65% of Tidewater Renewables. Under their November 1 arrangement agreement, Midstream would acquire the remaining shares, offering 0.88 Midstream shares per Renewables share at closing. At October 30 closing prices, that implies approximately C$261 million for the minority shares—not cash paid or a full-company valuation.
Closing is expected around December 18, subject to shareholder approvals—including required minority approvals—Alberta court approval, conditional TSX listing approval and other customary conditions. Midstream’s existing majority doesn’t finish this deal’s minority-approval process.
Capital-markets watch: a new trading venue
Nova Scotia’s Maritime Launch has final TSX listing approval. Trading as MAXQ is expected November 3; Cboe Canada trading is due to end November 2. This is a listing transfer, not a new capital raise.
For information and education, not advice for a specific transaction or a prediction of value.
Make deal news part of your morning. Subscribe to Deal Flow Canada, and come back every weekday for fresh Canadian deal updates.