Canadian M&A Roundup Sep 29 – Oct 3

With credit tight all around, it’s no surprise to see little M&A activity and unlike the U.S., Canada doesn’t have its own Warren Buffet to keep dealmaking alive. Deals in Canada totaled 24 transactions with a total worth of $314 million bringing year-to-date results to 1,150 deals with a value of $86.4 billion. Investment bankers have definitely seen better days.

Selected Transactions:

Target: DHX Media
Acquirer: Entertainment One Ltd.
Value $56.8 million
Target Financial Advisor: GMP Securities
Acquirer Financial Advisor: TD Securities

DHX Media, a Canadian children’s television program producer has agreed to a reverse takeover of Entertainment One Ltd, a global independent entertainment content ownership and distribution company. The $56.8 million cash and stock deal is at a 61% premium to DHX Media’s prior closing price.

Target: New Millennium Capital Corp
Acquirer: Tata Steel Ltd.
Value $22.6 million
Target Financial Advisor: Credit Suisse
Acquirer Financial Advisor: Undisclosed

New Millennium Capital Corp, a publicly owned Canadian mining company engaged in the exploration and development of iron ore properties, has become a wholly owned indirect subsidiary of Tata Steel Limited with Tata Steel acquiring 19.9% of the common shares in a $22.6 million private placement. Credit Suisse acted as the financial advisor for New Millennium Capital.