Here are the top reads on deals and financial services over the last 24 hours,
West Fraser Timber to buy Norbord in all-stock deal worth $4-billion: West Fraser Timber Co. Ltd. is buying Norbord Inc. in a $4-billion deal that will make the lumber and plywood producer a major global manufacturer of panels used for construction sheathing and flooring. Under the friendly deal, shareholders of Norbord will receive 0.675 of a West Fraser share for each Norbord share. That equates to $49.35 a share, the companies said. (Jeffrey Jones and Brent Jang)
Nasdaq to buy Verafin for US$2.75-billion in biggest Canadian software takeover since 2007: The transaction is one of Canada’s largest ever software deals, and by far the largest technology deal in Atlantic Canadian history. It is being hailed as a win for Newfoundland and Labrador at a time when the province is struggling with high unemployment and low oil prices, and as a coup for the Canadian private capital firms that backed the company. (Mark Rendell and Sean Silcoff)
AIMCo CEO Kevin Uebelein stepping down in wake of $2.1-billion loss: The chief executive officer of Alberta’s $119-billion, government-owned fund manager is departing in the wake of a $2.1-billion loss this year that was traced to flaws in the Crown corporation’s risk management and corporate culture. (Andrew Willis)
BuzzFeed buying HuffPost from Verizon for undisclosed price: BuzzFeed is buying HuffPost from Verizon as part of a bigger deal that has the wireless giant investing in the digital-media company. Verizon will be a minority shareholder in BuzzFeed and the two companies will partner on content and ads. A downturn in advertising due to the pandemic has hurt both traditional and digital-only media organizations, resulting in layoffs and furloughs. (The Associated Press)
Be wary of the risks of using buy now, pay later programs for small purchases, experts warn: After a qualifying process, the services allow shoppers to pay for their purchases in small increments spread out over weeks or months and sometimes offer access to a tracking portal where they can adjust their payments if unforeseen circumstances come up. (The Canadian Press)
IN CASE YOU MISSED IT
How Intact landed its largest and most complex takeover yet: Intact has announced a deal to buy RSA Canada, which has a five per cent market share – but to do so, it also has to acquire the parent company’s British division, as well as co-own RSA’s Danish business. (Tim Kiladze)
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