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Consumer products.

FOOD PROCESSING                                         PRIVATELY OWNED

TARGET
Schneider Corp.
Kitchener, Ontario                                            SIC: 2011

Schnieder is a producer and supplier of packaged processed
meats, poultry and grocery products.

ACQUIROR
Maple Leaf Foods Inc.
Toronto, Ontario                                              SIC: 2011

Maple Leaf Foods is Canada's largest food processing
company with three major segments: meat products, bakery
products, and an agribusiness dealing in feed and pet food.

VENDOR
Smithfield Foods Inc.
Virginia, United States                                       SIC: 2013

Smithfield is engaged in meat processing, primarily pork

UPDATE                      REVISED: Mar. 30, 2004
ANNOUNCED: Sep. 25, 2003    PRICE:   $515,000,000
STATUS:    Completed        PAYMENT: Cash, Assumption
                                     of Debt
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: Maple
Leaf Foods Inc. agreed to acquire Schneider Corp. from its
U.S. parent Smithfield Foods Inc. Under the terms Maple Leaf
Foods would pay US$378 million including the assumption of
US$75.6 million.in Schneider's debt. The financing would be
arranged through a debt and issuance of treasury shrs upto
$200 million. Schneider had $1.24 billion revenues for the last
fiscal year. The transaction is subject to regulatory approval
and expected to close in the first quarter of 2004. Smithfield
Foods acquired Schneider Crop. in a long drawn transaction in
1997 for $144 million.

Mar30. Canadian regulatory approval granted.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Cheese brands (U.S.)
United States                                                 SIC: 2022

ACQUIROR
Saputo Inc.
St-Leonard, Quebec                                            SIC: 2022

Formerly Saputo Group Inc., Saputo makes and markets
mozzarella and other Italian specialty cheeses and by-products
such as butter, lactose and whey protein. Initial
public offering in Oct/97.

VENDOR
ConAgra Foods Inc.
Nebraska, United States                                       SIC: 2099

ConAgra is engaged in the manufacturing, marketing and
distribution of food and feed-grain products internationally.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 23, 2003    PRICE:   Not Disclosed
STARTS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Saputo Inc. acquired Treasure Cave[R] and Nauvoo[R] blue
cheese brands and allied assets from ConAgra Foods Inc. The
terms of the transaction were not disclosed. Assets generated
about US$20 million in revenues for the last fiscal year.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Molfino Hermanos
Argentina                                                     SIC: 2023

Molfino manufactures and markets cheese and other dairy
products. Malfino is also a major exporter of Argentine dairy
products.

ACQUIROR
Saputo Inc.
St-Leonard, Quebec                                            SIC: 2022

Formerly Saputo Group Inc., Saputo makes and markets
mozzarella and other Italian specialty cheeses and by-products
such as butter, lactose and whey protein. Initial
public offering in Oct/97.

VENDOR
Molinos Rio de la Plata SA.
Argentina                                                    SIC: 2023

Molinos is the largest dairy processor in Argentina.

INITIAL ANNOUNCEMENT

ANNOUNCED: Oct. 2, 2003    PRICE:   $68,133,000
STATUS:    Completed       PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Saputo Inc. acquired Molfino Hermanos, a subsidiary of
Molfinos Rio de la Plata SA. Under the terms Saputo paid
US$50.8 million for all the assets of Molfino Harmanos.
Molfino had US$90 million in revenues for the last fiscal year.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Dreyer's[R] ice cream brands
United States                                                 SIC: 2024

ACQUIROR
CoolBrands International Inc.
Markham, Ontario                                              SIC: 5812

Formerly Yogen Fruz World-Wide Inc., CoolBrands is the
largest international franchisor of frozen yogurt and ice
cream with over 3,400 outlets in worldwide.

VENDOR
Nestle SA
Switzerland                                                   SIC: 5143

Nestle is a major manufacturer and marketer of dairy
products and other forzen food specialities internationally.

UPDATE                     REVISED: Jun. 26, 2003
ANNOUNCED: Mar. 6, 2003    PRICE:   $13,500,000
STATUS:    Completed       PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: Nestle
SA agreed to sell three of Dreyer's ice cream brands to Cool
Brands International Inc. Under the terms CoolBrands would
pay $13.5 million for assets which includes brands such as
Dreyer's Dreamery[R], Whole Fruit sorbet [R]and Godiva[R]. The
transaction is a part of regulatory requirement arising from
Nestle's takeover of Dreyer's Grand Ice Cream Inc. The
regulatory divestiture of assets include 400 freezer trucks, 8-large
warehouses, a part of Nestle's distribution in ten states
covering 70% of the U.S. sorbet market and 25% of the U.S.
premium ice cream business.

June26. U.S. regulatory approval granted.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Americana Foods LP.
Texas, United States                                          SIC: 2024

Americana manufactures and supplies forzen desserts and
novelties to super market chains, restaurant chains and food
companies. Its brands include Yogen Fruz[R] and Eskimo
Pie[R] etc.

ACQUIROR
CoolBrands International Inc.
Markham, Ontario                                              SIC: 5812

Formerly Yogen Fruz World-Wide Inc., CoolBrands is the
largest international franchisor of frozen yogurt and ice
cream with over 3,400 outlets in worldwide.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 28, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
CoolBrands International Inc., through its subsidiary Integrated
Brands Inc. acquired general partner interest and majority of
the total partnership interest in Americana Food LP. The terms
of the transaction were not disclosed. The acquistion was made
pursuant to a prior option granted to Integrated Brands by the
Financial partners of Americana Foods LP.

FOOD PROCESSING                                         PRIVATELY OWNED

TARGET
Omstead Foods Ltd.
Windsor, Ontario                                              SIC: 2033

Omstead is engaged in processing and distribution of fruits
and vegetables in Canada and the U.S.

ACQUIROR
Snowcrest Packers Ltd.
Abbotsford, British Columbia                                  SIC: 2033

Snowcrest is a leading supplier and pocessor of furits and
vegetables in western Canada.

VENDOR
Heinz Co.
Pennsylvania, United States                                   SIC: 2035

Heinz is a food processing and marketing company.

UPDATE                     REVISED: Apr. 29, 2003
ANNOUNCED: Jan. 9, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Snowcrest Packers Ltd. agreed to buy Omstead Foods Ltd.
from Heinz Canada Ltd., a subsidiry of Heinz Co. The terms of
the transaction were not disclosed. Upon completion Snowcrest
would takeover all the production and distribution operations
of Omstead Foods.

FOOD PROCESSING                                         PRIVATELY OWNED

TARGET
Kettle Valley Dried Fruit Ltd.
Summerland, British Columbia                                  SIC: 2034

Kettle Valley is engaged in processing and manufacturing
dried fruit products and snacks.

ACQUIROR
Stake Technology Ltd.
Norval, Ontario                                               SIC: 6794

Stake markets its patented steam explosion technology and
equipment which steam processes raw materials into such
products as pulp, paper, chemicals, cattle feed, etc. Stake
Technology renamed itself as Sun-Opta Inc. in Oct. 2003.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 11, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Stake Technology Ltd. agreed to acquire Kettle Valley Dried
Fruit Ltd. The terms of the transaction were not disclosed.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Sonne Labs Inc.
North Dakota, United States                                   SIC: 2040

Sonne Labs manufactures and distributes natural and
organic foods.

ACQUIROR
Stake Technology Ltd.
Norval, Ontario                                               SIC: 6794

Stake markets its patented steam explosion technology and
equipment which steam processes raw materials into such
products as pulp, paper, chemicals, cattle feed, etc. Stake
Technology renamed itself as Sun-Opta Inc. in Oct. 2003.

INITIAL ANNOUNCEMENT

ANNOUNCED: Oct. 30, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Stake technology Ltd. acquired Sonne Labs Inc. The terms of
the transaction were not disclosed. Sonne Labs had about
US$3.5 million in revenues for the last fiscal year.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Food processing plant (U.S.)
United States                                                 SIC: 2047

ACQUIROR
Menu Foods Ltd.
Mississauga, Ontario                                          SIC: 2047

Menu Foods is a pet food producer.

INITIAL ANNOUNCEMENT

ANNOUNCED: Aug. 12, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Menu Foods Ltd. bought a food processing plant in South
Dakota from Proctor & Gamble Corp. The terms of the
transaction were not disclosed. The plant would be used to
produce Procter & Gamble's Iams'[R] brand pet food and Menu
Foods would supply P&G with wet canned pet foods under
Iams'[R] brand name.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Feed & Liquid Storage business (Canada)
                                                              SIC: 2048

ACQUIROR
Westway Holdings Canada Ltd.
Toronto, Ontario                                              SIC: 6719

Westway is a holding company

VENDOR
Tate & Lyle North American Sugars Ltd.
United Kingdom                                                SIC: 2062

Tare & Lyle is engaged in sugar manufacturering, refining
and marketing.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 20, 2003    PRICE:   $30,000,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Westway Holdings Canada Inc. acquired a molasses feed and
liquid storage business from Tate & Lyle North American
Sugard Ltd. Under the terms Westway paid $30 million for all
the assets of feed and storage business.

FOOD PROCESSING                                         PRIVATELY OWNED

TARGET
Give & Go Prepared Foods Corp.
Toronto, Ontario                                              SIC: 2051

Give & Go is a baked good manufacturer and marketer.

ACQUIROR
Kilmer Capital Partners Ltd.
Toronto, Ontario                                              SIC: 6719

Kilmer Capital is a capital pool company.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Kilmer Capital Partners Ltd. acquired Give & Go Prepared
Foods Corp. The terms of the transaction were not disclosed.

FOOD PROCESSING                                         PRIVATELY OWNED

TARGET
Delta Foods International Ltd.
Brockville, Ontario                                           SIC: 2060

Delta Foods produces, processes and markets maple syrups.

ACQUIROR
Dominion Citrus Ltd.
Toronto, Ontario                                              SIC: 5148

Dominion is enaged in the fresh produce wholsaling and
processing.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 17, 2003    EST. PRICE: $10,000,000
STATUS:    Pending          PAYMENT:    Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Dominion Citrus Ltd. agreed to acquire Delta Foods
International Ltd. The financial terms of the transaction were
not disclosed. The purchase price is estimated at $10 million.

FOOD PROCESSING    PUBLICLY TRADED

TARGET
Floron Food Services Ltd.
Edmonton, Alberta                                             SIC: 2099

Floron is in the food manufacturing and distribution
business. It supplies products for Boston Pizza franchises in
northern Alberta and is the sole maker of meat sauce for the
franchises.

ACQUIROR
1045391 Alberta Ltd.
Edmonton, Alberta                                             SIC: 6799

1045391 Alberta is a holding company.

UPDATE                      REVISED: Sep. 2, 2003
ANNOUNCED: Aug. 13, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control, Going Private

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
1045391 Alberta Ltd. ("Numberco") agreed to acquire all
outstanding shrs of Floron Food Services Ltd. in a going
private transaction. Under the terms Floron would merge its
operations with Numberco and the shareholders of Floron
would receive one Class C redeemable pfd. non-voting shr of
amalgamated company for each Floron shr held. Upon closing
amalgamated comopany would redeem each Class C pfd. shr
for $1.40 in cash. and will be delisted from TSX.

FOOD PROCESSING

TARGET
Douglas Lake Ranch
Nicola Valley, British Columbia                                SIC: 212

Douglas Lake ranch is Canada's largest cattle ranch with
200, 000 hectares.

ACQUIROR
Kroenke Sports Enterprises
Colorado, United States                                       SIC: 6719

Kroenke Sports owned by Stanley Kroenke manages and
operates sports franchises.

VENDOR
Bernard Ebbers
United States                                                 SIC: 6799

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 30, 2003    PRICE:   $93,746,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
WorldCom Inc.'s ex-CEO Bernard Ebbers sold Douglas Lake
Ranch in Britsh Columbia to Stanley Kroenke, the owner of
Kroenke Sports Enterprises. Under the terms Kroenke paid
US$68.5 million for the ranch in Nicola Valley, Britsh
Columbia. The proceeds of the sale would go for the
repayments of debt Mr. Ebber owed to bankrupt WorldCom
Inc.

FOOD PROCESSING                                         PRIVATELY OWNED

TARGET
JTB Canadian Pork Ltd.
Toronto, Ontario                                               SIC: 213

JTB Canada Pork is a producer and distributor of Prok.

ACQUIROR
XL Foods Inc.
Calgary, Alberta                                               SIC: 211

XL Foods is engaged in beef cattle raising and meat packing
and related activities. XL changed its name Jan./99 to
SevenWay Capital Corp.

INITIAL ANNOUNCEMENT        REVISED: Sep. 10, 2003
ANNOUNCED: Feb. 11, 2003    PRICE: $3,300,000
STATUS:    Pending          PAYMENT: Cash
CLASSIFICATION: Change in Control, Acquisition of Remainder

DESCRIPTION:
UPDATE: XL Foods Inc. offered to buy JTB Canadian Pork
Ltd. from the bankruptcy receivership of
PricewaterhouseCoopers. Under the terms, XL Foods Inc.
would pay $3.3 million including a non-refundable deposit of
$500,000. The transaction is subject to approval by the
Bankruptcy Court. In spite of a non-refundable deposit up to a
$1.1 million by the previous bidder, 1021069 Alberta Ltd. was
not able to close the transaction as anticipated. PREVIOUS:
1021069 Alberta Ltd. offered to buy JTB Canadian Pork Ltd.,
from the bankruptcy receivership of PricewaterhouseCoopers.
Under the terms 1021069 Alberta Ltd. would pay $5.5 million
for all the assets of JTB Canada Pork Ltd. A subsidiary of
Chuchill Corp., Smart Olson Construction which built a pork
processing plant for JTB Canadian Pork Ltd., holds the
priority security interest in JTB Canadian Pork Ltd. Upon
bankruptcy filing Smart Olson suspended the construction of
JTB's plant near Barrhead, Alberta.

FOOD PROCESSING                                         PUBLICLY TRADED

TARGET
Fishing and scallop harvesting business
Lunenburg, Nova Scotia                                         SIC: 912

ACQUIROR
Clearwater Seafoods Income Fund
Bedford, Nova Scotia                                          SIC: 6726

Clearwater Seafood Income Fund is a fund established to
hold shares of Clearwater Seafoods Inc. which is engaged in
harvesting, processing and distribution of seafoods.

VENDOR
High Liner Foods Inc.
Lunenburg, Nova Scotia                                         SIC: 912

High Liner Foods is engaged in harvesting, processing and
marketing seafoods, pasta and other frozen specialties in
North America.

UPDATE                      REVISED: May. 21, 2003
ANNOUNCED: Apr. 29, 2003    PRICE:   $65,000,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: High
Liner Foods Inc. (HLF) sold its fishing and scallop harvesting
business to Clearwater Seafoods Income Fund. Under the terms
High Liner received $65 million for the business unit. The
acquisition would give Clearwater Seafoods access to assets of
Scotia Trawler Equipment Ltd. owned by HLF. The proceeds
of the sale would be used for debt reduction purposes.

FOOD PROCESSING                                          FOREIGN TARGET

TARGET
Glacier Pesquera SA
Argentina                                                      SIC: 913

Glacier harvests, processes and markets scallop in
Argentina. Major portion of the catch is exported to
European markets.

ACQUIROR
Clearwater Seafoods Income Fund
Bedford, Nova Scotia                                          SIC: 6726

Clearwater Seafood Income Fund is a fund established to
hold shares of Clearwater Seafoods Inc. which is engaged in
harvesting, processing and distribution of seafoods.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 14, 2003    PRICE:   $10,400,000
STATUS:    Completed        PAYMENT: Stock
CLASSIFICATION: No Change in Control, Stake Purchase

DESCRIPTION:
Clearwater Seafoods Income Fund acquired additional 10%
interest in its Argentine subsidiary Glacier Pesquera SA. Under
the terms Clearwater paid $10.4 million by an issuance of
848,962 trust units to minority shareholders of Glacier. Upon
completion, Clearwater would have 80% stake in Glacier
Pasquera SA.

BREWERIES & BEVERAGES                                   PUBLICLY TRADED

TARGET
Fort Garry Brewing Co. Ltd.
Winnipeg, Manitoba                                            SIC: 2082

Fort Garry is engaged in brewing and distributing premium
beers.

TARGET
Two Rivers Brewing Co Ltd.
Toronto, Ontario                                              SIC: 2082

Two Rivers Brewing is regional micro-brewery that
produces and distributes premium beers.

INITIAL ANNOUNCEMENT

ANNOUNCED: Feb. 6, 2003    PRICE:   Not Disclosed
STATUS:    Pending         PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control, Merger

DESCRIPTION:
Fort Garry Brewing Company Ltd. agreed to merge with Two
Rivers Brewing Co. Ltd. The financial terms of the transaction
were not disclosed. Upon completion, current Two Rivers
shareholders would own 45% of the merged entity while Fort
Garry shareholders would own 27.5% stake. The transaction
was funded by ENSIS Growth Fund, a labor sponsored fund
based in Manitoba and ENSIS Investment LP.

BREWERIES & BEVERAGES                                   PRIVATELY OWNED

TARGET
Pernod-Richard
Montreal, Quebec                                              SIC: 2084

Pernod-Richard, is an interim partner of Diageo Canada
Inc., that operates a former Seagram production plant,
producing Smirnoff Ice vodka.

ACQUIROR
Diageo Canada Inc.
Montreal, Quebec                                              SIC: 2084

Diageo Canada is a producer of distilled spirits, wines,
coolers and mixers.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 20, 2003    PRICE:   Not Disclosed
STATUS:    Pending          PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Diageo Canada Inc. bought Pernod-Richard. The terms of the
transaction were not disclosed. The acquisition would give
Diageo an access to former Seagram plant that makes Smirnoff
Ice vodka.

BREWERIES & BEVERAGES                                    FOREIGN TARGET

TARGET
Kim Crawford Wines of New Zealand
New Zealand                                                   SIC: 2084

Kim Crawford is a winery.

ACQUIROR
Vincor International Inc.
Mississauga, Ontario                                          SIC: 2084

Vincor is Canada's larget winery engaged in producing
wines, coolers and ciders.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 15, 2003    PRICE:   $12,300,000
STATUS:    Completed        PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Vincor International Inc. acquired Kim Crawford Wines of
New Zealand. Under the terms Vincor International paid $12.3
million in cash and stock. In addition, Vincor would pay
further $2.7 million in performance based payments subject to
achievement of certain targets. Upon closing founding partners
would continue to manage the Winery.

BREWERIES & BEVERAGES                                    FOREIGN TARGET

TARGET
Quality Beverage Brands LLC
North Carolina, United States                                 SIC: 2086

Quality Beverages supplies soft drink botting and
distribution services to major retailers in mid-Atlantic region.

ACQUIROR
Cott Corp.
Pointe Claire, Quebec                                         SIC: 2086

Formerly Cott Beverages Ltd., Cott produces and distributes
soft drinks, mineral water and spring water under its own
name and under a number of private label names throughout
Canada, the U.S. and the U.K.

INITIAL ANNOUNCEMENT

ANNOUNCED: Dec. 22, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Cott Corp. through its subsidiary Cott Beverages Inc. acquired
Quality Beverage Brands LLC. The terms of the transaction
were not disclosed. The acquisition would add about $45
million a year to Cott's revenue stream.

BREWERIES & BEVERAGES                                   PRIVATELY OWNED

TARGET
Metarom Canada Inc.
Granby, Quebec                                                SIC: 2087

Metarom manufactures and distributes food additives and
flavoring extracts.

ACQUIROR
Kerry Canada Inc.
-, Quebec                                                     SIC: 2087

Kerry is a manufacturer and distributor of flavoring, syrup
extracts and food additives.

UPDATE                     REVISED: Jan. 29, 2003
ANNOUNCED: Dec. 6, 2002    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Kerry Canada Inc., a subsidiary of Kerry Group PLC., acquired
Metarom Canada Inc. The terms of the transaction were not
disclosed.

HOUSEHOLD GOODS                                             DIVESTITURE

TARGET
Anne.x
Montreal, Quebec                                              SIC: 2339

Anne.x is a women's retail clothing store chain.

ACQUIROR

La Senza Corp.
Dorval, Quebec                                                SIC: 5621

La Senza is a women's clothing and lingerie store chain with
320 stores across Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: Dec. 23, 2003    PRICE:   Not Disclosed
STATUS:    Pending          PAYMENT: Not Disclosed

DESCRIPTION:
La Senza Corp. agreed to sell 34-stores of its women's sepcialty
clothing chain, Anne.x to Boutique Jacob Inc. The terms of the
transaction were not disclosed. The sale is part of La Senza'a
plan to focus on La Senza brand. Closing is expected in Feb.,
'04.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET

E. G. Furniture
St.-Pie, Quebec                                               SIC: 2511

E.G. Furniture is a privately held manufacturer and
supplier of high-end juvenile and baby furniture.

ACQUIROR
Dutailer International Inc.
St.-Pte., Quebec                                              SIC: 2511

Dutailer is a designer and manufacturer of high quality
glider rockers and relaxation furniture.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 1, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Dutailer International Inc. acquired all outstanding shrs of E.
G. Furniture. The terms of the transaction were not disclosed.
Acquisition would add additional $15 million to $100 million
annual revenue stream of Dutailer International.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Jaymar Furniture Co.
Terrebonne, Quebec                                            SIC: 2512

Jaymar manufactures and distributes custom-made leather
and upholstered furniture.

ACQUIROR
Shermag Inc.
Sherbrooke, Quebec                                            SIC: 2511

Shermag is engaged in the design and manufacture of
wooden home furnishings.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 16, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Shermag Inc. acquired Jaymar Furniture Co. in an all cash
transaction. The terms of the transaction were not disclosed.
Jaymar had annual revenues of $40 million for the last fiscal
year.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Carina Furniture Industries Ltd.
Toronto, Ontario                                              SIC: 2512

Carina is a manufacturer and supplier of household and
office furniture.

ACQUIROR
Dorel Industries Inc.
Montreal, Quebec                                              SIC: 2512

Dorel is one of North America's largest full line makers and
distributors of children's furniture and accessories and
produces ready-to-assemble and folding furniture.

INITIAL ANNOUNCEMENT

ANNOUNCED: Sep. 23, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Dorel Industries Inc. acquired Carina Furniture Industries Ltd.
Financial terms of the transacction were not disclosed. Carina
had US$60 million in revenues for the last fiscal year. The
acquisition would add $0.02 per shr to Dorel's earnings this
year.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
California Closet Co.
California, United States                                     SIC: 2599

California Closet franchises installed closet and home
storage systems.

TARGET
Pillar to Post Inc.
Mississauga, Ontario                                          SIC: 6541

Pillar to Post provides real estate inspection and appraisal
services.

TARGET
Floor Coverings International Inc.
Toronto, Ontario                                              SIC: 1752

Floor Coverings provides cutom and professional floor
laying services.

ACQUIROR
FirstService Corp.
Toronto, Ontario                                               SIC: 782

FirstService, through its subsidiaries, is involved in lawn
care services (Nutrilawn) ; carpet, window and upholstery
cleaning (Cleanol Services); residential painting (College
Pro Painters); recreational facility management; and
security (Intercon).

INITIAL ANNOUNCEMENT

ANNOUNCED: Oct. 20, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
FirstService Corp. acquired four businesses: Pillar to Post Inc.,
Floor Coverings International Inc. and two California Closet
franchises. The terms of the transaction were not disclosed. All
four businesses generated about $13 million in revenues and
$2.4 million in EBITDA (Earnings Before Interest Taxes,
Depreciation and Amortization) for the last fiscal year

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Ivorydale bar-soap plant
Ohio, United States                                           SIC: 2841

ACQUIROR
Trillium Health Care Products Inc.
Newmarket, Ontario                                            SIC: 2841

Trillium Health Care is engaged in manufacturing and
supplying of health care and allied products.

VENDOR
Procter & Gamble Co.
Ohio, United States                                           SIC: 2841

Procter & Gamble is one of the world's largest
manufacturers of tissue, diapers and other household
products.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 2, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Trillium Health Care Products Inc. acquired Ivorydale bar-soap
manufacturing plant from Procter & Gamble Co. (P&G) The
terms of the transaction were not disclosed. Upon completion
Trillium would continue to provide P&G with branded soap
products such as Zest, Ivory, Oil of Olay and Safeguard and
will continue under the name St. Bernard Soap Company. The
acquisition would add $300 million to Trillium's annual
revenue stream.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Siricie S.A.
France                                                        SIC: 2844

Siricie is a manufacturer of cosmetics based on marine-organic
ingradients and other marine life forms.

ACQUIROR
AEterna Laboratories Inc.
Quebec, Quebec                                                SIC: 8731

AEterna Labs is engaged in applied research in molecular
biology, endocrinology and physiology to develop
biopharmaceutical, nutritional and cosmetic products. Also
known as Les Laboratoires AEterna Inc.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 26, 2003    PRICE:   $2,000,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
AEterna Laboratories Inc., through its subsidiary Atrium
Biotechnologies Inc. acquired all the shares of Siricie S.A.
Under the terns AEterna paid $2 million in cash for 100%
interest in Siricie S.A.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Ace Hardware Canada Ltd.
Markham, Ontario                                              SIC: 3429

Ace Hardware is a retailer of various hardware and home
improvement products.

ACQUIROR
Sodisco-Howden Group Inc.
Saint-Bruno, Quebec                                           SIC: 5072

Sodisco-Howden Group markets hardware, plumbing,
building materials, household appliances, and recreational
goods. Sep.29/94 name changed from Unigesco Inc.

UPDATE                      REVISED:    Feb. 14, 2003
ANNOUNCED: Oct. 22, 2002    EST. PRICE: $15,000,000
STATUS:    Completed        PAYMENT:    Cash, Other
CLASSIFICATION: Change in Control, Stake Purchase

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Sodisco-Howden Group Inc. agreed to buy 100% interest in
Ace Hardware Canada Ltd., a wholly owned subsidiaty of Ace
Hardware Crop. Under the terms Sodisco would pay $15-million
for all the shrs of Ace Hardware Canada Ltd. and
would also agreed to pay certain royalty fees to Ace Hardware
Corp.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Lampada Inc.
Montral, Quebec                                               SIC: 3646

Lampada designs and manufactures high-end custome
designed lighting fixtures for commercial sector.

ACQUIROR
Divcom Technologies Inc.
Montreal, Quebec                                              SIC: 3646

Divcom manufactures and distributes architecturally
designed lighting fixtures for public, commercial and
industrail applications.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 4, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Divcom Technologies Inc. acquired Lampada Inc. The terms of
the transaction were not disclosed. Lampada had a revenue of
$1.5 million for the last fiscal year.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Molded lighting operation unit
United States                                                 SIC: 3646

ACQUIROR
Decoma International Inc.
Concord, Ontario                                              SIC: 3714

Decoma designs and makes exterior vehicular parts for cars
and light trucks.

VENDOR
Federal Mogul Corp.
Michigan, United States                                       SIC: 3714

Federal Mogul is a manufacturer and distributor of
automotive parts and accessories internationally.

UPDATE                      REVISED:    Apr. 2, 2003
ANNOUNCED: Mar. 27, 2003    EST. PRICE: $3,317,000
STATUS:    Completed        PAYMENT:    Cash

CLASSIFICATION: NO Change in Control, Bankruptcy/Receivership

DESCRIPTION:
UPDATE : The transaction was completed for US$2.25 million
plus the inventory price to be determined. PREVIOUS:
Decoma International Inc. agreed to buy three molded lighting
operations and manufacturing assets (Brownsville, Texas;
Toledo, Ohio; and Matamoros, Mexico) from Federal Mogul
Corp. The terms of the transaction were not disclosed. Federal
Mogul is operating under bankruptcy protection. The
transaction is subject to Federal Bankruptcy Court approval.

Apr04. Court approval granted.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Snoc Inc.
St. Hyacinthe, Ontario                                        SIC: 3646

Snoc manufactures and distributes cast iron and aluminium
outdoor light fixtures for residential and commercial
applications.

ACQUIROR
Divcom Technologies Inc.
Montreal, Quebec                                              SIC: 3646

Divcom manufactures and distributes architecturally
designed lighting fixtures for public, commercial and
industrail applications.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 13, 2003    PRICE:   $8,600,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Divcom Technologies Inc. acquired all the outstanding shrs of
Snoc Inc. Under the terms Divcom paid $8.6 million. The
financing was arranged through a private placement of 8.2
million Divcom common shrs at $0.40 per shr. Snoc had about
$10 million in revenues and $1.2 million net income for the
last fiscal year.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
EJE Trans-Lite Inc.
St. John's, Newfoundland                                      SIC: 3728

EJE Trans-Lite manufactures helicopter landing systems,
safety mechanisms and lights.

TARGET
Battery Tech Inc.
St. John's, Newfoundland                                      SIC: 3648

Battery Tech manufactures and supplies custom lithium
battery assemblies to E, IE Trans-Lite products.

ACQUIROR
Rutter Technologies Inc.
Montreal, Quebec                                              SIC: 3812

Rutter manufactures and markets navigation and
aeronautical instruments.

INITIAL ANNOUNCEMENT

ANNOUNCED: Dec. 31, 2003    EST. PRICE: $1,000,000
STATUS:    Pending          PAYMENT:    Stock
CLASSIFICATION: Change in Control

DESCRIPTION:

Rutter Technologies Inc. agreed to acquire EJE-Trans-Lite Inc.
and Battery Tech Inc., in an all stock transaction. Under the
terms Rutter would pay about $1 million in its common shrs at
a price of $1.65 per shr. for both companies. The combined
companies had $2.7 million in revenues for the last fiscal year.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Fakespace Systems Inc.
Kitchener, Ontario                                            SIC: 7373

Fakespace designs, develops and markets stereoscopic and
interactive visualization hardware and software products
and services.

TARGET
Mechdyne Corp.
Iowa, United States                                           SIC: 3861

Mechdyne provides computer based training systems, digital
interactive cinema and visual communication products and
services.

UPDATE                      REVISED: Apr. 8, 2003
ANNOUNCED: Nov. 18, 2002    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control, Merger

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Fakespace Systems Inc., subsidiray of Elelctrohome Ltd.
agreed to merge with Mechdyne Corp. The terms of the
transaction were not disclosed. The transaction is expected to
close in Mar03.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Deneba Systems Inc.
Florida, United States                                        SIC: 3861

Deneba manufactures and distributes precision illustration
products used in presentation, photo editing and web
graphics capabilities.

ACQUIROR
ACD Systems International Inc.
Victoria, British Columbia                                    SIC: 7371

ACD Systems designs, develops and markets digital imaging
software.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 7, 2003    PRICE:   $8,130,000
STATUS:    Pending         PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
ACD Systems International Inc. agreed to acquire all the shrs
of Deneba Systems Inc. Under the terms ACD Systems would
pay US$ 5.5 million in a combination of US$4.5 million in
cash and US$1 million in ACD shrs. In addition, ACD agreed
to pay further US$2 million subject to performance targets.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
SmartSight Networks Inc.
Montreal, Quebec                                              SIC: 3861

SmartSight manufactures and supplies IP based video edge
devices, surveillance systems and software for wireless video
transmission.

ACQUIROR
Verint Systems Inc.
New York, United States                                       SIC: 7373

Verint Systems desings and develops integrated software
solutions for communication interception, digital video
security and enterprise business intelligence analysis.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 22, 2003    PRICE:   $13,730,000
STATUS:    Completed        PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Verint Systems Inc. acquired SmartSight Networks Inc. Under
the terms Verint paid US$7 million in cash and 149,731 Verint
shrs for a total of about US$10 million.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
SmartSight Networks Inc.
Montreal, Quebec                                              SIC: 3861

SmartSight manufactures and supplies IP based video edge
devices, surveillance systems and software for wireless video
transmission.

ACQUIROR
Verint Systems Inc.
New York, United States                                       SIC: 7373

Verint Systems desings and develops integrated software
solutions for communication interception, digital video
security and enterprise business intelligence analysis.

VENDOR
Silent Witness Enterprises Ltd.
Surrey, British Columbia                                      SIC: 8731

Silent Witness designs and makes surveillance cameras.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 26, 2003    EST. PRICE: $1,000,000
STATUS:    Completed        PAYMENT:    Cash
CLASSIFICATION: No Change in Control

DESCRIPTION:
Silent Witness Enterprises Ltd. sold its 16.5% stake in
SmartSight Networks Inc. to a subsidiary of Verint Systems
Inc. Under the terms Verint paid about $1 million in cash for
the 16.5% stake.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Mansoor Electronics Ltd.
Markham, Ontario                                              SIC: 3861

Mansoor Electronics manufactures and supplies
photographic equipment and allied video surveillance
systems.

ACQUIROR
Strategic Vista Corp.
Markham, Ontario                                              SIC: 3695

Strategic Vista manufactures and distributes electronic and
video surveillance equipment.

INITIAL ANNOUNCEMENT

ANNOUNCED: Sep. 22, 2003    PRICE:   $3,500,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Strategic Vista Corp. acquired Mansoor Electronics Ltd.
Under the terms Starategic Vista paid $3.5 million in cash for
all the assets of Mansoor Electronics.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Ampa Group
France                                                        SIC: 3944

Ampa Group manufactures and markets childrens toys,
games, furniture and other juvenile products. Ampa is known
for such brand names as Bebe Confor[R], Babideal[R],
MonBebe[R] and Baby Relax[R] etc. in Europe.

ACQUIROR
Dorel Industries Inc.
Montreal, Quebec                                              SIC: 2512

Dorel is one of North America's largest full line makers and
distributors of children's furniture and accessories and
produces ready-to-assemble and folding furniture.

UPDATE                      REVISED: Jul. 1, 2003
ANNOUNCED: Jan. 29, 2003    PRICE:   $365,448,000
STATUS:    Completed        PAYMENT: Cash, Other
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: Dorel
Industries Inc. agreed to buy all the shrs of Ampa Group.
Under the terms Dorel would pay US$240 million for the
100% interest in Ampa Group. The transaction is subject to due
diligence and expected to close in Feb. 2003.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
Swimming pool equipment business
California, United States                                     SIC: 3949

ACQUIROR
Consolidated Mercantile Inc.
Toronto, Ontario                                              SIC: 6711

Consolidated Mercantile is a holding company with interests
in the manufacture of home furnishings, specialty covers and
packaging materials.

VENDOR
Jacuzzi Inc.
California, United States                                     SIC: 3089

Jacuzzi manufactures and markets swimming pools,
swimming pool equipment and related water sports products.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 5, 2003    PRICE:   $58,176,000
STATUS:    Completed       PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:

Consolidated Mercantile Inc. acquired a swimming pool
equipment business from Jacuzzi Inc. Under the terms
Consolidated Mercantile paid US$41.2 million for the
swimming pool equipment business which includes such trade
names as Atlantic Pool, and Jacuzzi etc.

HOUSEHOLD GOODS                                         PUBLICLY TRADED

TARGET
Domco Tarkett Inc.
Farnham, Quebec                                               SIC: 3996

Formerly Domco Industries Ltd., Domco Tarkett is a
manufacturer and marketer of hard surface floor covering
suhc as vinyl, linoleum, hard wood floorings and other
asphalt felt-base coverings.

2002 Results    Rev: $667,218,000    Assets:  $472,387,000
                NBV: $257,908,000    Net Inc:  $15,950,000

Deal Multiples    Times Rev:  0.29    Offer per Share: $7.50
                  Times NBV:  0.74    Market Price:    $5.25
                  Times NI:  11.99    Premium to Mkt:  42.86%

ACQUIROR
Tarkett Sommer AG
Germany                                                       SIC: 3996

Tarkett is a large German-based flooring manufacturer.

UPDATE                      REVISED: Aug. 26, 2003
ANNOUNCED: Apr. 30, 2003    PRICE:   $48,750,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: No Change in Control, Going Private, Tender
                Offer,

DESCRIPTION:
UPDATE: About 74.6% of the shrs were tendered. Tarkett now
holds 93.14% interest (24 million shrs) in Domco.
PREVIOUS: Tarkett Sommers AG agreed to acquire the
remaining interest in Domco Tarkett Inc. that it did not already
own. Under the terms Tarkett Sommers would pay $7.50 per
shr in cash for all the remaining shrs of Domco Tarkett for a
total of $49 million. Transaction is subject to independent
fairness evaluation and at least 90% of the remaining shrs
being tendered. CIBC World Markets acted as advosors to
Tarkett Sommers AG and RBC Dominion Securities acted as
advisors to Domco Tarkett Inc.

Jul07. The offer expiring on Aug08. was mailed.

July15. The offer was raised to $7.75 a share and Domco
Tarkett Board recommended shareholders accept the revised
offer.

Aug 12. Societe d'investissements en participations inc.
("Sipar"), 15.93% owner of Domco entered in to a lock up
agreement to tender its interest to Tarkett's offer.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Miller Thomson LLP
Toronto, Ontario                                              SIC: 8111

Miller Thomson is a law firm with offices in Markham and
Toronto.

TARGET
Kearns McKinnon LLP
Guelph, Ontario                                               SIC: 8111

Kearn McKinnon is a legal services firm.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 3, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Miller Thomson LLP merged with Kearn McKinnon LLP. The
terms of the transaction were not disclosed. The merger would
strengthen Miller Thomson with 14 business lawyers from
diverse practice areas.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
LegalKey Technologies Inc.
New York, United States                                       SIC: 8111

LegalKey provides a practice management services for law
firms.

ACQUIROR
Hummingbird Ltd.
Toronto, Ontario                                              SIC: 7372

Hummingbird (formerly Hummingbird Communications
Ltd.) is engaged in design, development and marketing of
computer software that allows PCs to access various
platforms.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 10, 2003     PRICE:   Not Disclosed
STATUS:    Completed         PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Hummingbird Ltd. acquired LegalKey Technologies Inc.
Financial terms of the transaction were not disclosed. The
acquisition would give Hummingbird access to LegalKey's
software suits for Automated Client/Matter Intake, Conflict
Resolution, Docketing/Calendering and Electronic Record
Management.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
KnowledgePool
United Kingdom                                                SIC: 8200

KnowledgePool is a training provider.

ACQUIROR
TomaNet Inc.
Toronto, Ontario                                              SIC: 8741

Formerly Titleist Energy Inc., TomaNet is a management
company specializing in emerging and innovative technology
companies.

VENDOR
Fujitsu Services Ltd.
United Kingdom                                                SIC: 6719

Fujitsu Services is a holding company.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 2, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
TomaNet Inc. through its U.K. subsidiary Maxim Training
Corp. (U.K.) Ltd. acquired KnowledgePool from Fujitsu
Services Ltd. The terms of the transaction were not disclosed.
KnowledgePool would continue under the same brand name in
the U.K. and the United States.

HOUSEHOLD GOODS                                          FOREIGN TARGET

TARGET
CDI Education Corp.
Toronto, Ontario                                              SIC: 8243

CDI, through its subsidiaries, provides education and
training in information technology.

2002 Results    Rev: $129,720,000    Assets:  $64,599,000
                NBV:  $27,915,000    Net Inc: ($5,477,000)

Deal Multiples    Times Rev: 0.39    Offer per Share: $4.33
                  Times NBV: 1.79    Market Price:    $4.30
                                     Premium to Mkt:  0.70%

ACQUIROR
Corinthian Colleges Inc.
California, United States                                    SIC:  8240

Corinthian provides vocational education and distant
learning services.

UPDATE                      REVISED: Aug. 19, 2003
ANNOUNCED: Jun. 24, 2003    PRICE:   $50,000,000
STATUS:    Completed        PAYMENT: Cash, Assumption
                                     of Debt
CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Corinthian Colleges Inc. agreed to buy all the shrs of CDI
Education Corp. Under the terms Corinthian would pay $4.33
per shr for all the shrs of CDI for a total value of $50 million
including the assumption of $14 million in debt. The
transaction is subject to regulatory approval and other
customary conditions and expected to close in the third quarter.

HOUSEHOLD                                               PRIVATELY OWNED

TARGET
Gilmore & Associates Learning Systems Inc.
Toronto, Ontario                                              SIC: 8249

Gilmore designs and delivers full-service training and
development programs to clients worldwide.

1999 Results    Rev: $5,290,000
Deal Multiples    Times Rev: 1.45

ACQUIROR
CDI Education Corp.
Toronto, Ontario                                              SIC: 8243

CDI, through its subsidiaries, provides education and
training in information technology.

1998 Results    Rev: $71,203,000      Assets:  $24,929,000
                NBV: ($22,400,000)    Net Inc: $2,514,000

UPDATE                      REVISED:    Jan. 19, 2003
ANNOUNCED: Nov. 16, 2000    EST. tract: $4,970,000
STATUS:    Completed        PAYMENT:    Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: CDI Education Corp. acquired the remaining 35%
in Gilmore & Associates Learning Systems Inc. that it did not
already own for a consideration of 100,000 CDI Education
shrs. CDI now owns the 100% interest in Gilmore Associates.
PREVIOUS: CDI Education Corp. agreed to buy a 65%
interest in Gilmore & Associates Learning Systems Inc. for
$4.55 million.

HOUSEHOLD GOODS                                         PRIVATELY OWNED

TARGET
Malkam Cross-Cultural Training
Ottawa, Ontario                                               SIC: 8330

Malkam provides diversity, language and pre-employment
training programs.

ACQUIROR
Graybridge International Consulting Inc.
Ottawa, Ontario                                               SIC: 8742

Graybridge International is a leading provider of
intercultural effectiveness training and consulting services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 17, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Graybridge International Consulting Inc. acquired Malkam
Cross-Cultural Training. The terms of the transaction were not
disclosed.

HOUSEHOLD GOODS                                         PUBLICLY TRADED

TARGET
Share buyback (Amica Mature Lifestyles Inc.)
Vancouver, British Columbia                                   SIC: 8361

ACQUIROR
Amica Mature Lifestyle Inc.
Vancouver, British Columbia                                   SIC: 8361

Amica Mature Lifestyle Inc. is a provider of Seniors'
services, accommodations, and skilled nursing residences.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 8, 2003    EST. PRICE: $1,800,000
STATUS:    Pending         PAYMENT: Cash
CLASSIFICATION: No Change in Control

DESCRIPTION:
Arnica Mature Lifestyles Inc. agreed to buy back 10% of the
shrs of its public float or 783,430 shrs. Arnica has 11.6 million
shrs outstanding. The buyback period would begin on 01-13-03
and end in 01-12-04.

AUTOS & PARTS                                            FOREIGN TARGET

TARGET
Peguform France S.A.S.
France                                                        SIC: 3714

Peguform desings and manufactures high quality plastic
parts and modules for interior and exterior of motor vehicles.

ACQUIROR
Decoma International Inc.
Concord, Ontario                                              SIC: 3714

Decoma designs and makes exterior vehicular parts for cars
and light trucks.

UPDATE                      REVISED: Jan. 3, 2003
ANNOUNCED: Jan. 31, 2003    PRICE:   $16,540,000
STATUS:    Uncompleted      PAYMENT: Cash
CLASSIFICATION: Change in Control, Bankruptcy/Receivership

DESCRIPTION:
UPDATE: The transaction was cancelled. PREVIOUS:
Decoma International Inc. agreed to buy Peguform France
S.A.S. from its receivership. Under the terms Decoma would
pay (EUROs 6 million) $9.9 million for fixed and intangible
assets of Peguform. In addition, Decoma would pay further
(EUROs 4 million) $6.6 million for work-in-process, finshed
goods and raw material inventories. The transaction is subject
to due diligence, regulatory and board approval.

AUTOS & PARTS                                            FOREIGN TARGET

TARGET
Stackpole Limited
Oakville, Ontario                                             SIC: 3714

Stackpole manufactures technologically advanced powder
metal components and system assemblies primarily for
automotive engines and transmissions.

2001 Results    Rev: $227,242,000    Assets:  $191,927,000
                NBV: $122,150,000    Net Inc: $11,137,000

Deal Multiples    Times Rev:  1.46    Offer per Share: $33.25
                  Times NBV:  2.71    Market Price:    $24.00
                  Times NI:  29.72    Premium to Mkt:  38.54%

ACQUIROR
Tomkins PLC
United Kingdom                                                SIC: 3524

UPDATE                      REVISED:    Jun. 18, 2003
ANNOUNCED: Apr. 30, 2003    PRICE: $331,000,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
UPDATE: About 97% of the shrs were tendered. PREVIOUS:
Tomkin PLC. through its Canadian subsidiary 2023103
Ontario Inc. agreed to acquire all the shrs of Stackpole Ltd.
Under the terms Tomkin would pay $33.25 per shr in cash for
all the shrs of Stackpole for a total of $331 million (143 [pounds
sterling] million). Board of Stockpole, and holders of 52% of Stockpole
common shrs approved and agreed to tender to the offer. The
transaction is subject to 2/3 of the shareholders and regulatory
approval.

Mayl2. Stackpole Board mailed recommendation to
accept the offer.

AUTOS & PARTS                                            FOREIGN TARGET

TARGET
camshaft manufacturing business
Germany                                                       SIC: 3714

ACQUIROR
Linamar Corp.
Guelph, Ontario                                               SIC: 3714

Linamar makes precision parts and assemblies for the
automotive, defence and aerospace industries in North
America and for the agricultural machinery industry in
Europe.

VENDOR
Salzgitter Antriebstechnik
Germany                                                       SIC: 3714

Salzgitter Antriebstechnik is a manufacturer of automotive
engine parts and accessories.

UPDATE                    REVISED: Sep. 26, 2003
ANNOUNCED: May 6, 2003    PRICE:   Not Disclosed
STATUS:    Completed      PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Linamar Corp. agreed to acquire camshaft manufacruting unit
of Salzgitter Antriebstechnik, a subsidiary of Salzgitter Group
AG. The terms of the transaction were not disclosed.

AUTOS & PARTS                                            FOREIGN TARGET

TARGET
Davis Industries Inc.
Michigan, United States                                       SIC: 3714

Davies designs and manufactures automobile parts and
accessories such as driveplate assemmblies, transmission
shells, engine valve covers, oil pan assemblies, powertrain
components and heat shields.

ACQUIROR
Tesma International Inc.
Concord, Ontario                                              SIC: 3714

Tesma is engaged in the manufacture of automobile parts for
cars and light trucks. The company went public in 1995.

UPDATE                      REVISED: Jan. 7, 2004
ANNOUNCED: Dec. 18, 2003    PRICE:   $95,664,000
STATUS:    Completed        PAYMENT: Stock, Assumption
                                     of Debt
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: Magna paid US$ 48.1 million in its shrs and
assumed US$26.3 million in Davis' debt. PREVIOUS: Magna
International Inc., through its subsidiary, Tesma International
Inc., agreed to acquire all the shrs of Davis Industries Inc. The
terms of the transaction were not disclosed. Davies had
US$129 million in revenues for the last fiscal year. The
acquisition is expected to be accretive to Tesma International at
a rate of US$0.10 per shr on an annualized basis. The
transacton is expected to close in Jan., '04.

PACKAGING PRODUCTS                                      PRIVATELY OWNED

TARGET
Packaging material plant
Saskatoon, Saskatchewan                                       SIC: 2652

ACQUIROR
Norampac Inc.
-, Quebec                                                     SIC: 2650

Norampac is the largest manufacturer of paper board
containers and cardboard packaging material in Canada.

VENDOR
Instabox Saskatchewan
Saskatoon, Saskatchewan                                       SIC: 2651

Instabox manufactures and markets folding paperboard
boxes.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 7, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Norampac Inc. acquired a packaging material manufacturing
plant from Instabox Saskatchewan. The terms of the
transaction were not disclosed.

PACKAGING PRODUCTS                                      PUBLICLY TRADED

TARGET
Smurfit-MBI
Mississauga, Ontario                                          SIC: 2653

Smurfit-MBI is a manufacturer and distributor of corrugated
paper board, solid fibre boxes and other packaging
containers.

ACQUIROR
Smurfit-Stone Container Corp.
Illinois, United States                                       SIC: 2653

Smurfit-Stone, a unit of Jefferson Smurfit Group PLC in the
U.K., is a leading manufacturer of cardboard boxes and
brown paper bags.

VENDOR
Jefferson Smurfit Group PLC
Ireland, United Kingdom                                       SIC: 2671

Jefferson Smurfit is an international packaging business.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 27, 2003    EST. PRICE: $435,000,000
STATUS:    Completed        PAYMENT: Cash, Other
CLASSIFICATION: Change in Control, Stake Purchase

DESCRIPTION:
Smurfit-Stone Container Corp. (SSC) agreed to swap its
European packaging unit for 50% interest in Smurfit-MBI, a
subsidiary of Jefferson Smurfit Group PLC. Under the terms
SSC would receive US$190 million plus a 50% stake in
Smurfit-MBI in exchange for all the assets of its European
operations. The transaction is subject to shareholder and
regulatory approval and expected to close in the first quarter
2003.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Osta Biopharm Inc.
Montreal, Quebec                                              SIC: 2834

Osta is a developmental stage bio-pharmaceutical firm that
specializes in research and development of novel diagnostic
and therapeutic products for osteoporosis.
                                                 Offer per Share: $0.30

ACQUIROR
DPC Biosciences Inc.
Montreal, Quebec                                              SIC: 2835

Formerly Neuro-Biotech Corp., currently inactive DPC was
engaged in research and development of diagnostics for
central nervous system disorders.

UPDATE                      REVISED:    Jan. 13, 2003
ANNOUNCED: Jul. 19, 2002    EST. PRICE: $6,225,000
STATUS:    Uncompleted      PAYMENT:    Stock
CLASSIFICATION: Change in Control, Reverse Takeover

DESCRIPTION:
UPDATE: The transaction was cancelled. PREVIOUS: DPC
Biosciences Corporation agreed to acquire Osta Biopharm Inc.
in a reverse takeover offer. Under the agreement DPC
Biosciences would issue 20.75 million post consolidation shrs
in exchange for all the shrs of Osta Biopharm. Upon
completion Osta Biopharm sharholders would own 74% of the
shrs of new company. The transaction is subject to due
diligence, shareholder and regulatory approval. Closing is
expected within 60 days.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Marketing rights to Abreva[R]
United States                                                 SIC: 2834

Abreva[R] is an over-the-counter cold sore treatment.

ACQUIROR
Drug Royalty Corp.
Toronto, Ontario                                              SIC: 6711

Drug Royalty is engaged in the acquisition and investing in
development of pharmaceutical drugs and therapeutics.

VENDOR
Avanir Pharmaceuticals
California, United States                                     SIC: 8731

Avanir is engaged in the research, development and
commercialization of pharmaceutical products, vaccinations
and other diagnostic products and services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 2, 2003    EST. PRICE: $37,793,000
STATUS:    Completed       PAYMENT:    Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Drug Royalty Corp., through its U.S. subsidiary acquired the
sales and marketing rights to Abreva[R], an over-the-counter
treatment for cold sores from Avanir Pharmaceuticals. Under
the terms Drug Royalty paid US$24 million for the North
American marekting rights for a period of 11 years.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Marketing right to Delursan[R]
France                                                        SIC: 2834

ACQUIROR
Axcan Pharma Inc.
Montreal, Quebec                                              SIC: 2834

Axcan is engaged in the development and marketing of drug
products in specialty area of gastroenterology.

VENDOR
Aventis SA
France                                                        SIC: 2834

Aventis is a global pharmaceutical firm based in France.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 20, 2003    PRICE:   $34,991,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Axcan Pharma Inc. acquired French marketing rights to
Delursan[R] from Aventis Pharma SA. Under the terms Axcan
Pharma paid US$22.8 million for the marketing right to
Delursan[R] which is being used as a treatment for liver disease.

BIOTECH / PHARMACEUTICAL                   PRIVATELY OWNED

TARGET
Pharmacor Inc.
Montreal, Quebec                                              SIC: 2834

Pharmacor is a manufacturer and marketer of
pharmaceutical durgs and drug preparations.

                                                 Offer per Share: $0.42
                                                    Market Price: $0.38
                                                 Premium to Mkt: 10.53%
ACQUIROR
Procyon Biopharma Inc.
Dorval, Quebec                                                SIC: 8731

Procyon Biopharma is a biopharmaceutical company
engaged in the development of platform technologies for the
treatment of cancer.

UPDATE                      REVISED: Apr. 21, 2003
ANNOUNCED: Mar. 28, 2003    PRICE:   $2,940,000
STATUS:    Completed        PAYMENT: Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Procyon Biopharma Inc. agreed to acquire Pharmacor Inc.
Under the terms Procyon would issue 7 million of its common
shrs in exchange for all the shrs in Pharmacor Inc. for a total
transaction value of $2.9 millin. The transaction is conditional
upon concurrent $3.25 million financing of new cash into
Procoyon at a price of $0.45 per unit.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Drug rights (North America)
France                                                        SIC: 2834

Manufcaturing and distribution rights to treatment for
genital herpes.

ACQUIROR
Biovail Corp.
Mississauga, Ontario                                          SIC: 2834

Formerly Biovail Corp. International, Biovail develops and
produces controlled release products using proprietary drug
technologies; and provides contract pharmaceutical
research services.

VENDOR
Flamel Technologies SA
France                                                        SIC: 2834

Flamel is a pharmaceutical drug research, recovery and
manufacturing firm.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 9, 2003    EST. PRICE: $14,669,000
STATUS:    Completed       PAYMENT:    Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Biovail Corp. acquired North American rights to a treatment
for genetal herpes (Genvir[R]) from Flamel Technologies SA.
The terms of the transaction were not disclosed but the price is
estimated at US$10 million plus 5% royalties on sales.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Salix Pharmaceuticals Ltd.
California, United States                                     SIC: 2834

Salix is a developer and manufacturer of specialty
pharmaceutical drugs.

1999 Results    Rev: $4,494,000    Assets:  $5,316,000
                NBV: $3,218,000    Net Inc: ($6,699,000)

Deal Multiples    Times Rev:  77.06    Offer per Share: $14.18
                  Times NBV: 107.61    Market Price:    $10.55
                                        Premium to Mkt: 34.41%

ACQUIROR
Axcan Pharma Inc.
Montreal, Quebec                                              SIC: 2834

Axcan is engaged in the development and marketing of drug
products in specialty area of gastroenterology.

2002 Results    Rev: $210,176,000    Assets:  $582,356,000
                NBV: $471,882,000    Net Inc: $32,934,000

UPDATE                      REVISED: Jun. 28, 2003
ANNOUNCED: Apr. 10, 2003    PRICE:   $328,976,000
STATUS:    Uncompleted      PAYMENT: Cash
CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
UPDATE: The offer expired without sufficient number of shrs
being tendered. PREVIOUS: Axcan Pharma Inc. made an
hostile offer to acquire all the shrs of Salix Pharmaceuticals
Ltd. Under the terms Axcan would pay US$8.75 per shr or a
total of US$203 million for all the shrs of Salix
Pharmaceuticals. The acquistion would give Axcan the access
to a line of drugs used to treat gastrointestinal diseases.

April24. Salix Board recommended that its shareholders
reject US$8.75 per shr offer.

May23. Axcan Pharma increased the offer by about 20%
from US$8.75 per shr to US$10.50 per shr. Salix Board
recommended for the second time that its sharehoders reject the
revised offer.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Drug products
Ireland                                                       SIC: 2834

ACQUIROR
Biovail Corp.
Mississauga, Ontario                                          SIC: 2834

Formerly Biovail Corp. International, Biovail develops and
produces controlled release products using proprietary drug
technologies; and provides contract pharmaceutical
research services.

VENDOR
Athpharma Ltd.
Ireland                                                       SIC: 2834

Athpharma specializes in research, recovery and
development of pharmaceutical drugs for cardiovascular
diseases.

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 28, 2003    PRICE:   Not Disclosed
STATUS:    Pending          PAYMENT: Not Disclosed
CLASSIFICATION: No Change in Control

DESCRIPTION:
Biovail Corp. agreed to buy four cardiovascular drug products
that complement it Cardizem[R] treatment from Athpharma Ltd.
The financial terms of the transaction were not disclosed. The
four products are Bisochron, Isochron, Hepacol I and Hepacol
II which would be jointly developed by Biovail and Athpharma.

BIOTECH/ PHARMACEUTICAL                                 PRIVATELY OWNED

TARGET
Oncotherapeutics Inc.
Montreal, Quebec                                              SIC: 2834

Oncotherapeutics is a pharmaceutical reseach and drug
development firms specializing in cancer treatments.

ACQUIROR
IBEX Technologies Inc.
Montreal, Quebec                                              SIC: 6719

Formerly Continental Pharma Cryosan Inc., IBEX develops
haematology diagnostic and therapeutic products. It is in
the process of developing drugs for cardiovascular disease.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 7, 2003    EST. PRICE: $1,000,000
STATUS:    Pending         PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
IBEX Technologies Inc. agreed to acquire Oncotherapeutics
Inc. Under the terms IBEX would pay $731,000 plus several
milestone payments exceeding $1 million.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Drug marketing rights (U.S.)
New Jersey, United States                                     SIC: 2834

ACQUIROR
Biovail Corp
Mississauga, Ontario                                          SIC: 2834

Formerly Biovail Corp. International, Biovail develops and
produces controlled release products using proprietary drug
technologies; and provides contract pharmaceutical
research services.

VENDOR
Wyeth Corp.
New Jersey, United States                                     SIC: 2834

Wyeth is a major pharmaceutical drug developer and
manufacturer.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 2, 2003    PRICE:   $178,330,000
STATUS:    Completed       PAYMENT: Cash, Other
CLASSIFICATION: Change in Control

DESCRIPTION:
Biovail Corp. acquired the U.S. marketing rights to two drug
products from Wyeth Corp. Under the terms Biovail paid
US$130 million for the rights to market Ativan[R] and Isordil[R].
In addition, Wyeth would receive certain annual payments
under a three year supply agreement.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Innopharm Inc.
Markham, Ontario                                              SIC: 2834

Innopharm is engaged in contract manufacturing and
packaging of pharmaceutical drugs for pharmaceutical
industry.

ACQUIROR
Contract Pharamceuticals Limited Canada
Mississauga, Ontario                                          SIC: 2834

Contract Pharmaceuticals is a contract manufacturer and
supplier of prescription and over the counter drugs for the
pharmaceutical industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003    PRICE:   Not Disclosed
STATUS:    Pending         PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Contract Pharmaceuticals Limited Canda (CPL) acquired
Innopharm Inc. The terms of the transaction were not disclosed.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
F.P.L. Pharma Inc.
Montreal, Quebec                                              SIC: 2834

F.P.L is engaged in research, development and marketing of
anti-cancer treatments and drugs. F.P.L Pharma's FPL-99[R]
anti-cancer treatment has been granted the U.S. Food and
Drug Administration's regulatory clearance.

ACQUIROR
Applitox Bio Pharma Inc.
Montreal, Quebec                                              SIC: 2834

Applitox is engaged in research, development and
manufacturing of pahrmaceutical drugs.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 25, 2003    PRICE: Not Disclosed
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Applitox Bio Pharma Inc. acquired 70% stake in F.P.L
Pharma Inc in an all cash transaction. The terms of the
transaction were not disclosed. Applitox would invest further
$4.5 million on F.P.I's research and development on a new anticancer
treatment FPL-99[R] which has been granted approval by
the U.S. Food and Drug Administration.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Pharmaceutical drug marketing rights (Can.)
                                                              SIC: 2834

ACQUIROR
American Pharmaceutical Partners Inc.
Illinois, United States                                       SIC: 2834

American Pharmaceutical Partners is a pharmaceutical drug
manufacturing and marketing firm.

VENDOR
Eli Lilly Canada Inc.
Toronto, Ontario                                              SIC: 2834

Eli Lilly Canada manufactures pharmaceutical preparations,
animal health products, medical instrument systems and
diagnostic products.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 16, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
American Pahramaceutical Partners Inc., through its Canadian
subsidiary, Pharamaceutical Partners Canada, acquired
Canadian marketing rights to four proprietary products from
Eli Lilly Canada Inc., a wholly owned subsidiary of Eli Lilly
Inc. The terms of the transaction were not disclosed. The
products acquired were: Tazidime[R] (cefiazidime), Kefurox [R]
(cefuroxime), Kefzol [R] (cefazolin) and Dobutrex[R]
(dobutamine).

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Natural health products business (Can.)
Vancouver, British Columbia                                   SIC: 2834

ACQUIROR
Jamieson Laboratories Ltd.
Toronto, Ontario                                              SIC: 2834

Jamieson is a contract manufacturer and marketer of
vitamins, minerals and nutrient supplements.

VENDOR
PanGeo Pharma Inc.
Oakville, Ontario                                             SIC: 2834

PanGeo Pharma is a contract manufacturer and distrubutor
of drugs and pharmaceutical preparations.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 21, 2003    PRICE:   Not Disclosed
STATUS:    Pending          PAYMENT: Not Disclosed
CLASSIFICATION: No Change in Control, Reorganization

DESCRIPTION:
PanGeo Pharma Inc. agreed to sell its natural health products
business (Quest[R] and Wampole[R] brands) to Jamieson
Laboratories Ltd. The terms of the transaction were not
disclosed. PanGeo Pharma is currently operating under the
brankruptcy protection of the Court. The sale is a part PanGeo
Pharma's restructuring process.

Aug19. Court approval granted.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Drug marketing rights (Can)
                                                              SIC: 2834

ACQUIROR
Shire Biochem
Laval, Quebec                                                 SIC: 2834

Shire Biochem, a subsidiary of Shire Pharmaceuticals PLC.
is a manufacturer and marketer of pharmaceutical drugs.

VENDOR
Draxis Health Inc.
Mississauga, Ontario                                          SIC: 5122

Formerly Deprenyl Research Ltd., Draxis Health is engaged
in the recovery, development and marketing of
pharmaceutical products.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 22, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Shire Biochem, a subsidiary of Shire Pharmaceuticals Group
PLC. acquired Canadian rights to five pharmaceutical products
from Draxis Health Inc. The terms of the transaction were not
disclosed. The products include: Permax[R] (Perglolide
Mesylate- for Parkinson); Zanaflex[R] (Tizanidine Hydrocloride
for Spasticity); Alertec[R] (Modafinil for Narcolepsy);
Diastat[R] (Diazepam rectal gel for epilepsy) and Hectorol (
improved vitamin D for hormone therapy).

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Cortrosyn[R] royalty interest (U.S.)
United States                                                 SIC: 2834

ACQUIROR
Drug Royalty Corp. Inc.
Toronto, Ontario                                              SIC: 6799

Drug Royally acquires and provides finances royalty based
financing to life sciencec industry.

VENDOR
Amphastar Pharmaceutical Inc.
California, United States                                     SIC: 2834

Amphastar is engaged in the acquisition, development,
manufacturing and marketing of specialty and generic
pharmacutical drugs.

INITIAL ANNOUNCEMENT

ANNOUNCED: Sep. 23, 2003    PRICE:   $10,780,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
Drug Royalty Inc., through its wholly owned U.S. subsidiary
Drug Royalty U.S.A. Inc. acquired a royalty interest in the U.S.
sales of Cortrosyn[R], an injectible diagnostic drug from
Amphastar Pharmaceuticals Inc. Under the terms Drug Royalty
paid US$8 million for the royalty interest of Cortrosyn[R] for
five years.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Marketing rights to gastrointestinal drugs
France                                                        SIC: 2834

ACQUIROR
Axcan Pharma Inc.
Montreal, Quebec                                              SIC: 2834

Axcan is engaged in the development and marketing of drug
products in specialty area of gastroenterology.

VENDOR
Aventis SA
France                                                        SIC: 2834

Aventis is a global pharmaceutical firm based in France.

INITIAL ANNOUNCEMENT

ANNOUNCED: Oct. 9, 2003    PRICE:   $194,000,000
STATUS:    Pending         PAYMENT: Cash
CLASSIFICATION: No Change in Control

DESCRIPTION:
Axcan Pharma Inc. acquired the U.S. marketing rights to
Carafate[R] and Bentyl[R] and the Canadian rights to Sulcrate[R],
Bentylol[R] and Proctosedyl[R], a group of gastrointestinal drugs
from Aventis SA. Under the terms Axcan paid US$145 million
for the marketing rights to drugs which generated about US$42
million in North American sales for the last fiscal year.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Focus Inhalation Oy
Finland                                                       SIC: 2834

Focus Inhalation is a pharmaceutical firm that specializes
in the development of treatments for respiratory diseases.

ACQUIROR
LAB International Inc.
Laval, Quebec                                                 SIC: 8731

Lab International is an integrated pharmaceutical product
development, contract manufacturing and research services
provider.

UPDATE                      REVISED: Jan. 12, 2004
ANNOUNCED: Oct. 22, 2003    PRICE:   $8,080,000
STATUS:    Completed        PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: Lab
International Inc. agreed to acquire Focus Inhalation Oy. Under
the terms Lab would issue convertible debentures to be
converted into 1.7 million Lab International shrs in exchange
for all the shrs of Focus Inhalation and invest further 3 million
Euros ($4.6 million) in drug development. The shrs would be
convertible during the time window between Oct. 01, 2005
and Oct. 01, 2008 at a price range of $1.60 to $2.50 each. The
transaction is subject to sharerholder and regulatory approval.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Stem Cell Therapeutics Inc.
Calgary, Alberta                                              SIC: 2836

Stem Cell Therapeutics is engaged in discovery and
development of novel methods to stimulate neural stem cell
proliferation and differentiation.

ACQUIROR
Transition Therapeutics Inc.
Toronto, Ontario                             SIC: 8731

Transition Therapeutics is engaged in the research and
development of treatments and therapeutics for
inflammatory and fibrotic diseases.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 10, 2003    PRICE:   Not Disclosed
STATUS:    Pending          PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control, Acquisition of Remainder

DESCRIPTION:
Transition Therapeutics Inc. agreed to acquire 54% stake in
Stem Cell Therapeutics Inc., that it did not already own. The
financial terms were not disclosed. The transaction is subject
to regulatory approval and is expected to close in January.

BIOTECH / PHARMACEUTICAL                                PUBLICLY TRADED

TARGET
SignalGene Inc.
Montreal, Quebec                                              SIC: 2836

Signalgene is a biotechnology firm.

2002 Results    Rev: $626,000    Assets:     $8,710,000
                NBV: $7,352,000  Net Inc: ($24,507,000)

Deal Multiples    Times Rev: 16.83    Offer per Share:   $0.07
                  Times NBV:  1.43    Market Price:      $0.08
                                      Premium to Mkt:  -12.50%

ACQUIROR
Network Capital Inc.
Calgary, Alberta                                             SIC:  6719

Network Capital is a holding company with interest in oil
and gas industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Aug. 22, 2003    PRICE:   $8,700,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: No Change in Control

DESCRIPTION:
Network Capital Inc. acquired 49.8% stake in SignalGene Inc.
Under the terms Network Capital paid $8.7 million in cash for
100 million voting Common shrs and 21.2 million non-voting
pfd. shrs representing a 49.8% interest.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
STS Biopolymers Inc.
New York, United States                                       SIC: 2836

STS Biopolymers is engaged in design, development and
manufacturing of state-of-the art biocompatible coating
(SLIP-COAT[R], ECHO-COAT[R], and MEDI-COAT[R]) for
medical devices.

ACQUIROR
Angiotech Pharmaceuticals Inc.
Vancouver, British Columbia                                   SIC: 2834

Angiotech is engaged in the biotechnology based research,
recovery, manufacturing and marketing of pharmaceutical
drugs and drug preparations.

UPDATE                      REVISED: Dec. 4, 2003
ANNOUNCED: NOV. 14, 2003    PRICE:   $29,900,000
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Angiotech Pharmaceuticals Inc. agreed to acquire 100%
interest in STS Bioplymers Inc. Under the terms Angiotech
would pay US$23 million in cash for all the shrs of STS
Biopolymers. The transaction is subject o due diligence,
shareholder and regulatory approval and expected to close at
the end of the year.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
American Eye Instruments Inc.
Oregon, United States                                         SIC: 8042

American Eye Instruments is a privately owned eye care and
optometrist service operation.

ACQUIROR
TLC Vision Corp.
Mississauga, Ontario                                          SIC: 8011

TLC Vision Inc. created by a merger of Lasik Vision Centres
Inc. and TLC Laser Centre Inc. in Aug.2001., is engaged in
providing laser eye surgery and optometrists services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 11, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
TLC Vision Corp. acquired American Eye Instruments Inc. The
terms of the transaction were not disclosed.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Phoenix Eye Surgical Center
Arizona, United States                                        SIC: 8042

Phoenix Eye Surgical is a specialty opthalmic ambulatory
surgey center.

ACQUIROR
TLC Vision Corp.
Mississauga, Ontario                                          SIC: 8011

TLC Vision Inc. created by a merger of Lasik Vision Centres
Inc. and TLC Laser Centre Inc. in Aug.2001., is engaged in
providing laser eye surgery and optometrists services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Sep. 5, 2003    PRICE:   Not Disclosed
STATUS:    Completed       PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
TLC Vision Corp., through its subsidiary OR Partners acquired
Phoenix Eye Surgical Center, in Arizona. The terms of the
transaction were not disclosed.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Medisys Corporate Health Service Inc.
Vancouver, British Columbia                                   SIC: 8060

Medisys is a provider of health care services to corporations
and insurance companies in British Columbia.

ACQUIROR
Medisys Health Group Inc.
Montreal, Quebec                                              SIC: 8099

Medisys provides preventive, diagnostic and consultative
health care services to corporations and insurance
companies through a national network of facilities in major
cities across Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 14, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control, Acquisition of Remainder

DESCRIPTION:
Medisys Health Group Inc. acquired the remaining 50% stake
in Medisys Corporate Health Services Inc. (MCHS) The terms
of the transaction were not disclosed. MCHS had $1.6 million
in revenues for the last fiscal year. Upon closing MCHS would
continue as a wholly owned sbsidiary of Medisys Health Group
Inc.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
MRI Scan Centre
Montreal, Quebec                                              SIC: 8071

MRI Scan Centre is a privately owned diagnostic laboratory
service that performs Magnetic Resonance Imaging services.

ACQUIROR
Medisys Health Group Inc.
Montreal, Quebec                                              SIC: 8099

Medisys provides preventive, diagnostic and consultative
health care services to corporations and insurance
companies through a national network of facilities in major
cities across Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 8, 2003    PRICE:   Not Disclosed
STATUS:    Pending         PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
Medisys Health Group Inc. agreed to acquire a MRI (Magnatic
Resonance Imaging) Scan Centre in Montreal from an
unnamed vendor. The terms of the transaction were not
disclosed.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
Edward Street X-Ray Ltd.
Toronto, Ontario                                              SIC: 8071

Edward Street provides medical imaging services to
hospitals, clinics and other healthcare facilities.

ACQUIROR
Medisys Health Group Inc.
Montreal, Quebec                                              SIC: 8099

Medisys provides preventive, diagnostic and consultative
health care services to corporations and insurance
companies through a national network of facilities in major
cities across Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: Sep. 23, 2003    PRICE:   $8,000,000
STATUS:    Pending          PAYMENT: Cash, Assumption
                                     of Debt
CLASSIFICATION: Change in Control

DESCRIPTION:
Medisys Health Group Inc. agreed to acquire Edward Street X-Ray
Ltd. Under the terms Medisys would pay $8 million in
cash and assumed certain liabilities. Edward Street X-Ray on
the average services 300-400 patients a day and generated $9
million in revenues for the last fiscal year. Closing is expected
in Oct31.

BIOTECH / PHARMACEUTICAL                                    DIVESTITURE

TARGET
Hearing care services companies
Montreal, Quebec                                              SIC: 8081

ACQUIROR
6068065 Canada Inc.
Montreal, Quebec                                              SIC: 6719

6068065 Canada is a holding company.

ACQUIROR
Forget & Sauve Audioprothesistes S.E.N.C.
Montreal, Quebec                                              SIC: 5047

Forget & Sauve is a manufacturer and supplier of hearing
devices and allied medical equipment.

VENDOR
HEAR USA Inc.
Arizona, United States                                        SIC: 8049

Hear USA operates a series of advanced integrated websites
focused on the hearing healthcare industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 16, 2003    PRICE:   $2,367,000
STATUS:    Pending          PAYMENT: Cash, Assumption
                                     of Debt

DESCRIPTION:
HearUSA. Inc. agreed to sell three of its Quebec subsidiaries
to Forget & Sauve Audioprothesistes S.E.N.C. and 6068065
Canada Inc. Under the terms Forget & Sauve and 6068065
Canada would pay US$1.7 million for all three subsidiaries.
The transaction is expected to close in the third quarter.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Magellan Health Services Inc.
Maryland, United States                                       SIC: 8091

Magellan specializes in provision of mental health related
benefits through health plans, corporations, union and
government agencies. Magellan is currently operating under
the Bankruptcy protection.

ACQUIROR
Onex Corp.
Toronto, Ontario                                              SIC: 6719

Onex is a holding company with equity interests in
electronics manufacturing services, automotive parts, airline
catering, engineered building products, customer
relationship management, etc.

INITIAL ANNOUNCEMENT

ANNOUNCED: May. 28, 2003    PRICE:   $275,000,000
STATUS:    Pending          PAYMENT: Cash
CLASSIFICATION: Change in Control, Bankruptcy/Receivership,
                Stake Purchase,

DESCRIPTION:
Onex Corp. agreed to acquire controlling interest in Magellan
Health Services Inc. Under the terms Onex would pay $275
million for a 29.9% stake in Megallen which would give Onex
Corp. 50% of the voting rights. Upon receiving the Court
approval Onex would invest $50 million for a further 14.9%
stake. Magellan is currelty operating under the Bankruptcy
Court protection The transaction is subject to Bankruptcy
Court approval.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
ELECTROMED Inc.
Saint-Eustache, Quebec                                        SIC: 3693

Electromed is a producer of digital cardiac imaging systems.
Electromed changed its name to Evolved Digital Systems Inc.
in July '03.

TARGET
Inphact Inc.
Tennessee, United States                                      SIC: 8091

Inphact provides private X-ray and radiological services for
hospitals, clinics and other healthcare institutions.

UPDATE                      REVISED: Oct. 15, 2003
ANNOUNCED: Jul. 10, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Cash
CLASSIFICATION: Change in Control, Merger

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Electromed Inc. agreed to merge with Inphact Inc. Financial
terms of the transaction were not disclosed. Upon completion,
Inphact shareholders would own 70% interest in the combined
entity. Merged firm would continue under the name Evolved
Digital Systems Inc.

BIOTECH / PHARMACEUTICAL                                PUBLICLY TRADED

TARGET
GLYCODesign Inc.
Toronto, Ontario                                              SIC: 8731

GlycoDesign is a private biotech firm developing treatments
for cancer, infectious diseases, inflammation and
cardiovascular diseases.

2002 Results    Rev:  $3,017,000    Assets:    $46,672,000
                NBV: $41,937,000    Net Inc: ($15,959,000)

Deal Multiples    Times Rev: 4.24    Offer per Share:   $1.01
                  Times NBV: 0.31    Market Price:      $0.39
                                     Premium to Mkt:  159.74%

ACQUIROR
Inflazyme Pharmaceuticals Ltd.
Richmond, British Columbia                                   SIC:  8731

Inflazyme is engaged in research, recovery, development and
commercialization of treatments for inflammatory diseases
such as asthma, rheumatoid arthritis, allergies, psorasis and
bowel diseases.

2003 Results                        Assets:    $24,336,000
                NBV: $21,985,000    Net Inc: ($14,719,000)

INITIAL ANNOUNCEMENT

ANNOUNCED: Apr. 9, 2003    PRICE:   $12,800,000
STATUS:    Pending         PAYMENT: Stock
CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
Inflazyme Pharmaceuticals Ltd. agreed to acquire GlycoDesign
Inc. in an all stock transaction. Under the terms Inflazyme
would issue 22 million Inflazyme common shrs at an exchange
rate of 1.8424 Inflazyme common shrs for each shr of
GlycoDesign for a total transaction value of $12.8 million.
Upon completion GlycoDesign shareholders would own 27.6%
interest in Inflazyme. The transaction is subject to regulatory
and GlycoDesign shareholder approval and expected to close in
June 2003.

May29. About 99% of the shareholders voted in favor
of the transaction.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
GeneNews Inc.
Toronto, Ontario                                              SIC: 8731

GeneNews specializes in research, development and recovery
of treatments for arthritis.

ACQUIROR
ChondroGene Limited
Toronto, Ontario                                              SIC: 2834

ChondroGene is a biotech pharmaceutical company.

UPDATE                      REVISED: Nov. 27, 2003
ANNOUNCED: May. 16, 2003    PRICE:   $2,100,000
STATUS:    Completed        PAYMENT: Cash, Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
ChondroGene Limited agreed to buy GeneNews Inc. Under the
terms ChondroGene would pay $100,000 in cash and $2
million in ChondroGene Common stock from the treasury for
a total transaction value of $2.1 million. The transaction is
subject to due diligence, regulatory, Board and shareholder
approval.

June23. Sharehoders approved.

BIOTECH / PHARMACEUTICAL                                PRIVATELY OWNED

TARGET
ViRexx Research Inc.
Edmonton, Alberta                                             SIC: 8731

ViRexx is a development stage biotechnology firm
specializing in research and development on treatment for
heaptitis B and hepatitis C.

TARGET
Norac Industries Inc.
Edmonton, Alberta                                             SIC: 6159

Norac Industries is engaged in the provision of venture
capital financing services.

ANNOUNCED: Jun. 23, 2003    EST. PRICE: $12,030,000
STATUS:    Pending          PAYMENT:    Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Norac Industries Inc. agreed to merge with ViRexx Research
Inc. Under the terms Norac would receive 1 million Common
voting shrs of amalgamated company ("Amalco") in exchange
for its 4.45 million subordinate voting shrs and 3.35 million
"Amalco" Series I Pfd. shrs (at a deemed value of $1 per shr)
for 2.25 million Norac multiple voting shrs convertible to
Amlco common shrs. ViRexx would receive 9.6 million
"Amalco" Common shrs (at deemed value of 0.80 per shr) in
exchange for 18.16 million ViRexx Common shrs. The
amalgamated company would continue under the name ViRexx
Medical Corp.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
The Clinical Research Center
Louisiana, United States                                      SIC: 8731

The Clinical Research Center is a Phase I-IV facility
engaged in drug research and recovery for hepatic, renal
hypertension, acute pain, diabetes and osteoarthritis
treatments.

ACQUIROR
MDS Inc.
Etobicoke, Ontario                                            SIC: 8071

Formerly MDS Health Group Ltd., MDS is engaged in the
operation of medical laboratories, manufacture of diagnostic
equipment, software and providing medical testing services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 27, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
MDS Inc., through its subsidiary MDS Pharma Services Inc.
acquired The Clinical Research Centre in New Orleans,
Louisiana. The financial terms of the transaction were not
disclosed.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Toxicological Research Center Ltd.
Hungary                                                       SIC: 8731

Toxicological Research Center provides contractual
research, toxicological and independent testing services.

ACQUIROR
LAB International Inc.
Laval, Quebec                                                 SIC: 8731

Lab International is an integrated pharmaceutical product
development, contract manufacturing and research services
provider.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 9, 2003    PRICE:   $3,070,000
STATUS:    Completed       PAYMENT: Cash
CLASSIFICATION: Change in Control

DESCRIPTION:
LAB International Inc. acquired Toxicological Research Center
Ltd. (TRC). Under the terms LAB International paid a total of
US$2.25 million for all the assets of TRC.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Marketing rights for NT-proBNP[R]
Toronto, Ontario                                              SIC: 8731

ACQUIROR
SYN X Pharma Inc.
Mississauga, Ontario                                          SIC: 8731

SYN X specializes in the development and marketing of
diagnostics tests for cardiovascular diseases.

VENDOR
Roche Diagnostics
Switzerland                                                   SIC: 8734

Roche Diagnostics, a subsidiary of Roche Healthcare Group
is engaged in research and development of diagnostics tests
for various diseases.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 23, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: No Change in Control

DESCRIPTION:
SYNX Pharma Inc. acquired non-exclusive wold-wide license
to development, manufacturing and marketing of NT-probBNP[R]
(N-terminal pro-hormone brain natriuretic
peptide), an immunoassays for point-of-care diagnostics for
detection of congestive heart failures from Roche Diagnostics.
The terms of the transaction were not disclosed.

BIOTECH / PHARMACEUTICAL                                 FOREIGN TARGET

TARGET
Transition Therapeutics Inc.
Toronto, Ontario                                              SIC: 8731

Transition Therapeutics is engaged in the research and
development of treatments and therapeutics for
inflammatory and fibrotic diseases.

                                                 Offer per Share: $0.45

ACQUIROR

Novo Nordisk A/S
Denmark                                                       SIC: 2834

Novo Nordisk specializes in research, development,
manufacturing and marketing of pharmaceutical drugs and
delivery systems for treatment of diabetes.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jul. 24, 2003    PRICE:   $5,500,000
STATUS:    Pending          PAYMENT: Cash, Warrants
CLASSIFICATION: Change in Control, Stake Purchase

DESCRIPTION:
Novo Nordisk A/S agreed to acquire 13.4% interest in
Transition Therapeutics Inc. Under the terms Novo Nordisk
paid $0.45 per shr for 1,111,111 shrs of Transitions
Therapeutics and acquire further right to subscribe for up to
10,101,010 Common shrs of Transitions Therapeutics at
$0.495 per shr. The option expires on Oct01. 2003.

BIOTECH/PHARMACEUTICAL                                  PRIVATELY OWNED

TARGET
Seyvika Pharmaceuticals
Laval, Quebec                                                 SIC: 8731

Seyvika is a biotech pharmaceutical firm engaged in
research and recovery of drugs.

ACQUIROR
LAB International Inc.
Laval, Quebec                                                 SIC: 8731

Lab International is an integrated pharmaceutical product
development, contract manufacturing and research services
provider.

INITIAL ANNOUNCEMENT

ANNOUNCED: Oct. 2, 2003    EST. PRICE: $3,000,000
STATUS:    Pending         PAYMENT:    Stock
CLASSIFICATION: Change in Control

DESCRIPTION:
Lab International Inc. agreed to acquire Seyvika
Pharmaceuticals in an all stock transaction. Under the terms
Lab International would pay 10% of the transaction value in
shrs at closing and the remaining 90% would be paid based on
Seyvika's progress in drug development. A total of $3 million
in Lab International shrs valued at $1.55 each would be issued
in exchange for all the shrs of Seyvika.

BIOTECH/PHARMACEUTICAL                                  PRIVATELY OWNED

TARGET
Gene-Probe Technology
France                                                        SIC: 8731

Gene-Probe is a cancer detection technology developed by
SAMBA Technologies SARL.

ACQUIROR
DiagnoCure Inc.
Quebec City, Quebec                                           SIC: 8731

DiagnoCure specializes in development, production and
commercialization of diagnistic tests for detection of cancer.

VENDOR
SAMBA Technologies SARL
France                                                        SIC: 8731

SAMBA Technologies is enageged in the development and
Commercialization of medical diagnostic test for early
detection of cancer and providing other laboratory services
such as digital imaging of immunoassays.

INITIAL ANNOUNCEMENT

ANNOUNCED: Nov. 20, 2003    PRICE:   $18,000,000
STATUS:    Completed        PAYMENT: Cash, Other
CLASSIFICATION: Change in Control

DESCRIPTION:
DiagnoCure Inc. acquired world-wide lincese to Gene-Probe
for the diagnostic use of PCA3 (DD3) technology in prostate
cancer from SAMBA Technologies SARL. Under the terms
DiagnoCure paid $4 million and agreed to a further payment
of $14 million over 3 years. In addition, DiagnoCure would
pay 8% Royalty on end user net sales up to the first $50
million sales and 16% thereafter.

BIOTECH/PHARMACEUTICAL                                   FOREIGN TARGET

TARGET
Diagnostic and laboratory assets (Intern'l)
France                                                        SIC: 8731

ACQUIROR
DiagnoCure Inc.
Quebec City, Quebec                                            SIC: 8731

DiagnoCure specializes in development, production and
commercialization of diagnistic tests for detection of cancer.

VENDOR
SAMBA Technologies SARL
France                                                        SIC: 8731

SAMBA Technologies is enageged in the development and
commercialization of medical diagnostic test for early
detection of cancer and providing other laboratory services
such as digital imaging of immunoassays.

INITIAL ANNOUNCEMENT

ANNOUNCED: Dec. 19, 2003    PRICE:   Not Disclosed
STATUS:    Completed        PAYMENT: Not Disclosed
CLASSIFICATION: Change in Control

DESCRIPTION:
DiagnoCure Inc. acquired certain assets of SAMBA
Technologies SARL. The terms of the transaction were not
disclosed.

CONSUMER PRODUCTS

Largest Transactions Announced During 2003

Value (* Estimate)   Name                        Role         Announced

$515,000,000         Maple Leaf Foods Inc.       Acquiror   25-Sep-2003
                     Schneider Corp.             Target
                     Smithfield Foods Inc.       Vendor
$435,000,000 *       Smurfit-Stone Container
                       Corp.                     Acquiror   27-Jan-2003
                     Smurfit-MBI                 Target
                     Jefferson Smurfit Group
                       PLC                       Vendor
$365,448,000         Dorel Industries Inc.       Acquiror   29-Jan-2003
                     Ampa Group                  Target
$331,000,000         Tomkins PLC                 Acquiror   30-Apr-2003
                     Stackpole Limited           Target
$275,000,000         Onex Corp.                  Acquiror   28-May-2003
                     Magellan Health Services
                       Inc.                      Target
$194,000,000         Axcan Pharma Inc.           Acquiror    9-Oct-2003
                     Marketing rights to
                       gastrointestinal drugs    Target
                     Aventis SA                  Vendor
$178,330,000         Biovail Corp.               Acquiror    2-Jun-2003
                     Drug marketing rights
                       (U.S.)                    Target
                     Wyeth Corp.                 Vendor
 $95,664,000         Tesma International Inc.    Acquiror   18-Dec-2003
                     Davis Industries Inc.       Target
 $93,746,000         Kroenke Sports
                       Enterprises               Acquiror   30-May-2003
                     Douglas Lake Ranch          Target
                     Bernard Ebbers              Vendor
 $68,133,000         Saputo Inc.                 Acquiror    2-Oct-2003
                     Molfino Hermanos            Target
                     Molinos Rio de la Plata
                       SA.                       Vendor
 $65,000,000         Clearwater Seafoods
                       Income Fund               Acquiror   29-Apr-2003
                     Fishing and scallop
                       harvesting business       Target
                     High Liner Foods Inc.       Vendor
 $58,176,000         Consolidated Mercantile
                       Inc.                      Acquiror    5-May-2003
                     Swimming pool equipment
                       business                  Target
                     Jacuzzi Inc.                Vendor
 $50,000,000         Corinthian Colleges Inc.    Acquiror   24-Jun-2003
                     CDI Education Corp.         Target
 $48,750,000         Tarkett Sommer AG           Acquiror   30-Apr-2003
                     Domco Tarkett Inc.          Target
 $37,793,000 *       Drug Royalty Corp.          Acquiror    2-Jan-2003
                     Marketing rights to
                       Abreva[R]                 Target
                     Avanir Pharmaceuticals      Vendor
 $34,991,000         Axcan Pharma Inc.           Acquiror   20-Jan-2003
                     Marketing right to
                       Delursan[R]               Target
                     Aventis SA                  Vendor
 $30,000,000         Westway Holdings Canada
                       Ltd.                      Acquiror   20-Mar-2003
                     Feed & Liquid Storage
                       business (Canada)         Target
                     Tate & Lyle North
                       American Sugars Ltd.      Vendor

Breakdown of Activity

    Transaction Size          Number of        Value
                             Transactions    $ Millions

Undisclosed                       39               N/a
$1,000,000-$10,000,000            20              $87.4
$10,000,001-$25,000,000           9              $118.2
$25,000,001-$100,000,000          11             $612.2
$100,000,001-$250,000,000         2              $372.3
$250,000,001-$500,000,000         4            $1,406.4
$500,000,001-$1billion            1              $515.0
>$1 billion                       0                $0.0

Total                             86           $3,111.5

Summary of Announcements in each Sub-Group:

                                            2003

                          Number of       Value       Average Value
Sub Indices:            Announcements   (millions)   Where Disclosed

Food Processing              17            $809.1         $89.9
Distilleries                  0              $0.0          $0.0
Breweries & Beverages         4             $12.3         $12.3
Household Goods              24            $565.5         $43.5
Autos & Parts                 3            $426.7        $213.3
Packaging Products            2            $435.0        $435.0
Biotechnology /
  Pharmaceuticals            36            $863.1         $41.1
Tobacco                       0              $0.0          $0.0

Consumer Products            86          $3,111.5         $66.2

                                            2002

                          Number of       Value       Average Value
Sub Indices:            Announcements   (millions)   Where Disclosed

Food Processing              21          $1,757.7        $159.8
Distilleries                  1              $0.0          $0.0
Breweries & Beverages        10          $1,866.9        $373.4
Household Goods              16            $400.7         $50.1
Autos & Parts                 7            $343.7         $57.3
Packaging Products            2              $0.0          $0.0
Biotechnology /
  Pharmaceuticals            33          $1,862.8         $84.7
Tobacco                       0              $0.0          $0.0

Consumer Products            90          $6,231.8        $119.8

Target Company by Region

* Quebec               17%
* Foreign Countries    41%
* Ontario              29%
* Maritimes             3%
* Prairies              5%
* British Columbia      5%

Note: Table made from pie chart.

Characteristics of Target Company

* Foreign Located    51%
* Privately Owned    38%
* Publicly Traded     9%
* Divestiture         2%

Note: Table made from pie chart.


The TSE Group Consumer Products includes the sub-groups: Food Products, Breweries & Beverages, Household Goods, Autos & Parts, Packaging Products and Biotechnology/Pharmaceutical. Transactions are segregated according to the target company's primary and SIC code which represents its major product or service. This Group includes a large number of SIC code ranges, some of which are: 100-799, 900-999, 2000-2399, 2830-2844, 3100-3199, 3465, 3860-3999, 7200 -7299, 8000-8049, 8051-8699 and 8731. Transaction announcements included represent all private and public companies that would be classified as a Consumer Products company based on the TSE 300 Composite Index sector groups.
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Title Annotation:Summary of Merger and Acquisition Announcements for Industry Group
Publication:Mergers & Acquisitions in Canada
Date:Dec 15, 2003
Words:13053
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