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Transaction announcements.

The announcements listed below represent selected transactions tracked by Crosbie & Company Inc. during the month of June. Transactions are recorded as of the announcement date and are grouped according to the TSX 300 Group and Sub-Group Indices.
METALS & MINERALS

METAL MINES                                   FOREIGN TARGET

TARGET

Bajo de la Alumbrera project

Argentina                                          SIC: 1000

Bajo de la Alumbrera is one of the world's largest
undeveloped gold and copper properties. Its production
capacity is estimated at 250 million pounds of copper and
360,000 ounces of gold annually for around 20 years.

ACQUIROR

Northern Orion Explorations Ltd.

Vancouver, British Columbia                        SIC: 1041

Northern Orion is engaged in the exploration and
development of gold, copper and silver prospects in
Argentina and Cuba.

ACQUIROR

Wheaton River Minerals Ltd.

Toronto, Ontario                                   SIC: 1041

Wheaton River explores for and acquires gum and precious
metals prospects in British Columbia and Costa Rica.

VENDOR

Rio Algom Limited

Toronto, Ontario                                   SIC: 1021

Rio Algom is engaged in mining copper, uranium, zinc and
coal in North & South America, Europe and Africa. Rio also
conducts a metals distribution business.

UPDATE

                           REVISED: Jun. 24, 2003
ANNOUNCED: Mar. 25, 2003   EST. PRICE: $265,682,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: No Change in Control, Stake Purchase

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Wheaton River Minerals Ltd. agreed to acquire 25% stake in
Bajo de la Alumbrera gold-copper mine in Argentina from Rio
Algom Ltd. Under the terms Wheaton would pay US$180
million. A payment of US$130 million would be made at
closing and the remainder be paid on May 30 2003. Upon
completion Wheaton would own 37.5% stake in the mine.

Apr09. Northern Orion Explorations Ltd. agreed to
participate in the acquisition and agreed to pay up to US$50
million for a 12.5% stake.

GOLD & SILVER

GOLD & SILVER                                FOREIGN TARGET

TARGET

Gold mining project (Argentina)

Argentina                                          SIC: 1041

ACQUIROR

Aquiline Resources Inc.

Vancouver, British Columbia                        SIC: 1041

Aquiline Resources is engaged in the exploration and
development of gold prospects in Mexico.

VENDOR

Newmont Mining Corp.

Colorado. United States                            SIC: 1041

Newmont is engaged in the exploration and development of
gold prospects internationally

UPDATE
                           REVISED: Jun. 3, 2003
ANNOUNCED: Jan. 31, 2003   PRICE: $3,133,000
STATUS: Completed          PAYMENT: Cash, Other

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Aquiline Resources Inc. agreed to acquire Calcatreu gold
project in Argentina from Newmont LaSource Development, a
subsidiary of Newmont Mining Corp. Under the terms Aquiline
would pay US$2.05 million over period of 36 months and
would pay 2.5% net smelter returns to Newmont Mating. In
addition, Aquiline would spend US$500,000 in development
expenses over a 36 month period and would grant Newmont
back-in-right on the project whereby Newmont can reacquire
60% stake in the project.

GOLD & SILVER                                 FOREIGN TARGET

TARGET

Dalrymple Resources NL

Australia                                          SIC: 1041

Dalrymple is engaged in the gold and nickle exploration,
mining and production in western Australia.

ACQUIROR

LionOre Mining International Ltd.

Toronto, Ontario                                   SIC: 6719

LionOre Mining, formerly Liberian Iron Ore Ltd., is a
mining company with interests in gold, nickel and copper on
properties in Australia and Botswana.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: $147,000,000
STATUS: Pending           PAYMENT: Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
LionOre Mining International Ltd. agreed to acquire Dalrymple
Resources NL in an all stock swap. Under the terms Lion(Me
would issue 25 million of its shrs at an exchange rate of one
LionOre shr for every 2.92 Dalrymple shrs. Upon completion
Dalrymple shareholders would hold 13% stake in LionOre.
Dalrymple Board approved. The transaction is subject to
customary closing conditions and regulatory approval.

GOLD & SILVER                                 FOREIGN TARGET

TARGET

Jerritt Canyon gold mine

Nevada, United States                              SIC: 1041

ACQUIROR

Queenstake Resources Ltd.

Vancouver, British Columbia                        SIC: 1041

Queenstake is engaged in the exploration and production of
gold in South America, Mexico and the Yukon.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: $71,820,000
STATUS: Pending           PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
Queenstake Resources Ltd. agreed to acquire AngloGolg Ltd.'s
70% stake and Meridian Gold Inc.'s 30% stake in Jerritt
Canyon gold mine in Nevada. Under the terms Queenstake
would pay US$1.55 million in cash at closing, US$1 million in
quarterly payments up to US$6 million and the balance in 32
million Queenstake Common shrs. In addition, Queenstake
would pay US$31.75 million premium to acquire closure and
reclaimation insurance policy underwritten by AIG Insurance.

OIL & GAS

OIL & GAS PRODUCERS                           FOREIGN TARGET

TARGET

Pebercan Inc.

Montreal, Quebec                                   SIC: 1311

Pebercan, formerly Intermont Inc., (and predicessor
Intermont Exploration Inc.) is a junior oil & gas exploration
and production firm. Pebercan is majority owned by
Peberinvest BV of Switzerland.

                                      Offer per Share: $1.77

ACQUIROR

Maurel & Prom

France                                             SIC: 1311

Maurel & Prom is an oil & gas exploration and production
firm.

VENDOR

Peberinvest BV.

Switzerland                                        SIC: 6719

Perberinvest is a financial holding company.

UPDATE

                          REVISED: Jun. 12, 2003
ANNOUNCE: Apr. 28, 2003   PRICE: $137,602,000
STATUS: Uncompleted       PAYMENT: Cash

CLASSIFICATION: Change in Control, Stake Purchase

DESCRIPTION:
UPDATE: The transaction was cancelled. PREVIOUS: Maurel
& Prom agreed to buy a 66% interest in Pebercan Inc. Under
the terms Maurel & Prom would pay US$95 million for the
66% stake. Maurel & Prom already own 20% interest in
Perbercan and upon completion Maurel & Prom's interest in
Pebercan would increase up to 86%. Transaction is subject to
securing of funding and regulatory approval and expected to
close at the end of second quarter.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Nu-Sky Energy Inc.

Calgary, Alberta                                   SIC: 1311

Nu-Sky is a junior oil & natural gas exploration and
production firm.

2001 Results   Rev $10,604,000   Assets: $15,726,000
               NBV: $4,327,000   Net Inc: $972,000
Deal Multiples   Times Rev: 2.24   Offer per Share: $0.95
                 Times NBV: 5.48   Market Price: $0.68
                 Times NI: 24.41   Premium to Mkt: 39.71%

ACQUIROR

Kinloch Resources Inc.

Calgary, Alberta                                   SIC: 1311

Kinloch is a junior oil & natural gas exploration and
production firm

UPDATE

                           REVISED: Jun. 6, 2003
ANNOUNCED: May. 15, 2003   PRICE: $23,725,000
STATUS: Pending            PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: Upon due diligence Kinloch revised terms of the
transaction. Under the amended terms Kinloch would pay
$13.26 million in cash and 9.1 million Kinloch shrs.
PREVIOUS: Kinloch Resources Inc. agreed to buy Nu-Sky
Energy. Inc. Under the terms KJnloch would pay in a
combination of $16.9 million in cash and 9.1 million of its
common stock for a total of $26 million. Upon completion
combined entity would produce 1,800 barrels of oil equivalents
per day of natural gas.

OIL & GAS PRODUCERS                          PUBLICLY TRADED

TARGET

Ravenwood Resources Inc.

Calgary, Alberta                                   SIC: 1311

Ravenwood Resources is a junior oil and natural gas
exploration and production firm.

2001 Results   Rev $7,381,000   Assets: $10,123,000
               NBV: $6,066,000   Net Inc: $1,085,000
Deal Multiples   Times Rev: 3.52   Offer per Share: $1.05
                 Times NBV: 4.29   Market Price: $1.00
                 Times NI: 23.96   Premium to Mkt: 5.00%

ACQUIROR

Compass Petroleum Ltd.

Calgary, Alberta                                   SIC: 1311

Compass Petroleum is engaged in exploration and
production of oil and natural gas in western Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 4, 2003   PRICE: $26,000,000
STATUS: Pending           PAYMENT: Cash, Assumption
                                   of Debt

CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
Compass Petroleum Ltd. agreed to acquire Ravenwood
Resources Inc. Under the terms Compass would pay $1.05 per
shr for all the shrs of Ravenwood and assume certain
Ravenwood debt, for a total transaction value of $26 million.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Oil and gas properties (Alb.)

-, Alberta                                         SIC: 1311

VENDOR

Storm Energy Ltd.

Calgary, Alberta                                   SIC: 1311

Storm Energy formerly Storm Energy Inc., is a junior oil &
natural gas exploration and production firm majority owned
by Focus Energy Trust.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 5, 2003   PRICE: $20,800,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Storm Energy Ltd. sold some of its oil producing properties in
northern Alberta to an unnamed buyer. Under the terms Strom
Energy received $20.8 million for the properties. Sale included
some of the assets recently acquired from Star Oil & Gas Ltd.
The proceeds of the sale would be used for debt reduction
purposes.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Glacier Ridge Resources Ltd.

Calgary, Alberta                                   SIC: 1311

Glacier Ridge Resources is engaged in the exploration,
development and production of oil and natural gas.

ACQUIROR

High Point Resources Inc.

Calgary, Alberta                                   SIC: 1311

High Point is engaged in the exploration and production of
oil and natural gas in western Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 6, 2003   PRICE: $43,500,000
STATUS: Pending           PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
High Point Resources Inc. agreed to acquire all the shrs of
Glacier Ridge Resources Ltd. Under the terms High Point
would pay 443.5 million in a combination of $30 million in
cash, 6.6 million High Point Common shrs and a $4.2 million
note payable in 12 month period.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Syncrude Oil Sands Project

                                                   SIC: 1311

Syncrude was developed for thermal extraction of crude oil
from tar sands in northern Alberta.

ACQUIROR

Canadian Oil Sands Trust

Calgary, Alberta                                   SIC: 1311
===
Canadian Oil is a trust which was set-up as a royalty trust
for Alberta crude oil projects. Its Canadian Oil Sands
Investment Inc. subsidiary has a 10% interest in the
Syncrude oil sands project.

VENDOR

EnCana Corp.

Calgary, Alberta                                   SIC: 1311

EnCana created by the merger of Alberta Energy Co. Ltd.
and PanCanadian Energy Corp. in Apr. 2002, is one of the
largest oil and natural gas producers in north America.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 11, 2003   PRICE: $417,000,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: No Change in Control

DESCRIPTION:
Canadian Oil Sands Trust, through its subsidiary Canadian Oil
Sands Ltd., excercised an option to buy 3.75% stake in
Syncrude Oil Sands Project and a 6% gross overriding royalty
plus further 1.25% indirect Syncrude interest from Encana
Corp. Under the terms, Canadian Oil Sands Trust paid $417
million for the interest in Syncrude. The financing was arranged
through an issuance of 4.3 trust units at $35.15 each. Upon
closing Canadian Oil Sands Trust would own 35.49% stake in
Syncrude Oil Sands Ltd.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Oil & gas properties (Alb.)

-, Alberta                                         SIC: 1311

ACQUIROR

APF Energy Trust

Calgary, Alberta                                   SIC: 1311

APF Energy, Trust, through its APF Energy Inc. subsidiary,
has interests in oil and natural gas production, and is an
income trust that qualifies as a mutual trust.

INITIAL/ANNOUNCEMENT

ANNOUNCED: Jun. 17, 2003   EST. PRICE: $7,000,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: No Change in Control

DESCRIPTION:
APF Energy Trust acquired additional production capacity in
Countess gas property from an unnamed vendor. Under the
terms APF paid about $7 million for the property.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

OIL & gas properties (Alb.)

-, Alberta                                         SIC: 1311

ACQUIROR

APF Energy Trust

Calgary, Alberta                                   SIC: 1311

APF Energy Trust, through its APF Energy Inc. subsidiary,
has interests in oil and natural gas production, and is an
income trust that qualifies as a mutual trust.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 17, 2003   EST. PRICE: $91,800,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: No Change in Control

DESCRIPTION:
APF Energy Trust agreed to acquire 17% stake in Swan Hill
oil production in Alberta. Under the terms APP would pay
$91.8 million for the 17% stake in production capacity at Swan
Hill. The financing would be arranged through a $50 million
subordinated debenture issue.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Oil & gas properties (Alb.)

-, Alberta                                         SIC: 1311

ACQUIROR

Trinidad Energy Services Income Trust

Calgary, Alberta                                   SIC: 6726

Trinidad Energy Services is a closed end investment trust
with interest in acquisition and management of oil & natural
gas exploration and production.

VENDOR

Bear Drilling Ltd.

Edmonton, Alberta                                  SIC: 1311
Bear Drilling is an oil & natural gas exploration and
production firm. Company also provides well drilling and
oilfield services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 18, 2003   PRICE: $41,000,000
STATUS: Pending            PAYMENT: Cash, Stock

CLASSIFICATION: No Change in Control

DESCRIPTION:
Trinidad Energy Services Income Trust (TESIT) agreed to buy
certain assets of Bear Drilling Ltd. Under the terms TESIT
would pay $41 million in a combination of $40 million in cash
and $1 million in trust units. The assets include three heavy
double drilling rigs, two tripple drilling rigs and inventory.

OIL & GAS PRODUCERS                          PUBLICLY TRADED

TARGET

BelAir Energy Corp.

Calgary, Alberta                                   SIC: 1311

BelAir is engaged in the exploration and development of oil
and gas in western Canada.

ACQUIROR

Purcell Energy Ltd.

Calgary, Alberta                                   SIC: 1311

Purcell Energy is engaged in the exploration and
development of all and natural gas.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 20, 2003   PRICE: $60,000,000
STATUS: Pending            PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
Purcell Energy Ltd. agreed to acquire all the shrs of BelAir
Energy Corp. Under the terms Purcell would pay $60 million in
a combination of stock, cash and assumption of BelAir's debt.
BelAir Board approved. The transaction is subject to
shareholder approval. Upon completion BelAir shareholders
would own 29% stake in Purcell Energy while Purcell Energy
shareholders owining 71% stake in the combined entity.

OIL & GAS PRODUCERS                          PRIVATELY OWNED

TARGET

Lexoil Inc.

Edmonton, Alberta                                  SIC: 1311

Lexoil is a junior oil & natural gas exploration and
production firm.

ACQUIROR

Uranium Power Corp.

Vancouver, British Columbia                        SIC: 1094

Uranium Power is engaged in uranium mining, enrichment
and supplying for the energy industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 20, 2003   PRICE: $3,300,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Uranium Power Corp. agreed to acquire 52% stake (15.7
million Common shrs) in Lexoil Inc. Under the terms Uranium
would pay $3.3 million for the 52% interest in Lexoil Inc.

PAPER & FOREST PRODUCTS

PAPER & FOREST PRODUCTS                      PRIVATELY OWNED

TARGET

Groupe Cambium Inc.

Mascouche, Quebec                                  SIC: 2430

Groupe Cambium manufactures and markets pressure
treated wood products and structural wooden components.

ACQUIROR

Stella Jones Inc.

Westmount, Quebec                                  SIC: 2491

Stella Jones makes treated wood utility poles, railway ties,
pilings, construction timbers and guardrails.

INITIAL ANNOUNCEMENT

ANNOUNCED: Mar. 1, 610   PRICE: Not Disclosed
STATUS: Pending          PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Stella Jones Inc. agreed to acquire all the assets of Groupe
Cambium Inc. and its allied companies. The terms of the
transaction were not disclosed.

CONSUMER PRODUCTS

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: Jan 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                              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.

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.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 24, 2003   PRICE: $50,000,000
STATUS: Pending            PAYMENT: Cash, Assumption
                                    of Debt

CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
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 debt. The transaction is subject to
regulatory approval and other customary conditions and
expected to close in the third quarter.

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   NetInc: $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: Jan. 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 million [pounds
sterling]). 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.

May 12. Stackpole Board mailed recommendation to
accept the offer.

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   NetInc: ($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.

April 24. 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 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 anti-cancer
treatment FPL-99[R] which has been granted approval by the
U.S. Food and Drug Administration.

BIOTECH / PHARMACEUTICAL                     PRIVATELY OWNED

TARGET

Norac Industries Inc.

Edmonton, Alberta                                  SIC: 6159

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

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.

INITIAL ANNOUNCEMENT

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.

INDUSTRIAL PRODUCTS

FABRICATING & ENGINEERING                     FOREIGN TARGET

TARGET

Universal Industries Inc.

Iowa, United States                                SIC: 3533

Universal designs and manufactures oil treating systems,
pressure vessels, storage tanks, gas separators and steam
generators.

ACQUIROR

Foremost Industries Income Fund

Calgary, Alberta                                   SIC: 3799

Foremost Industries is engaged in manufacturing
transportation, oil & gas field machinery and equipment.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 2, 2003   PRICE: $17,502,000
STATUS: Pending           PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
Foremost Industries Income Fund agreed to buy Universal
Industries Inc. Under the terms Foremost would pay $17.5
million in a combination of $7 million in cash, 1.1 million
Foremost Trust units at $6.82 each and the balance in a $3
million note payable in 12 month period.

FABRICATING & ENGINEERING                    PRIVATELY OWNED

TARGET

RF Ironworkd Ltd.

Dartmouth, Nova Scotia                             SIC: 3533

RE designs, manufactures and markets components and
accessories for offshore oil drilling industry.

ACQUIROR

Hydril Canadian Company Ltd.

Calgary, Alberta                                   SIC: 3532

Hydril manufactures and markets pressure control products
for oil and gas industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 12, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Hydril Canadian Company Ltd., through its affiliate acquired
RF Ironworks Ltd. The terms of the transaction were not
disclosed.

FABRICATING & ENGINEERING                    PUBLICLY TRADED

TARGET

Mobile Climate Control Industries Inc.

Toronto, Ontario                                   SIC: 3585

Mobile Climate designs and makes heating, ventilation and
air conditioning systems for the transport marine and
defense industries.

2002 Results   Rev $71,552,000   Assets: $60,831,000
               NBV: $9,533,000   Net Inc: ($8,460,000)
Deal Multiples   Times Rev: 0.15   Offer per Share: $0.36
                 Times NBV: 1.16   Market Price: $0.25
                                   Premium to Mkt: 44.00%

ACQUIROR

Mannerheim Investments Inc.

Toronto, Ontario                                   SIC: 6719

Mannerheim is a holding company.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 6, 2003   PRICE: $3,600,000
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: Change in Control, Going Private

DESCRIPTION:
Mannerhiem Investments Inc. agreed to buy 32.5% stake in
Mobile Climate Control Industries Inc. (MCCI) that it did not
already own. Under the terms Mannerhiem would pay $0.36 a
share for 9.88 million shrs. MCCI has 30.4 million shrs
outstanding.

FABRICATING & ENGINEERING                    PRIVATELY OWNED

TARGET

Martineau & Harr Architects Inc.

Ottawa, Ontario                                    SIC: 8712

Martineau & Harr is an architectural services firm.

ACQUIROR

Ingenium Group Inc.

Toronto, Ontario                                   SIC: 8712

Ingenium provides architectural design and construction
management services to commercial and industrial projects.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 9, 2003   PRICE: Not Disclosed
STATUS: Completed         PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Ingeinum Group Inc. acquired Martineau & Harr Architects
Inc. The terms of the transaction were not disclosed.

TRANSPORTATION EQUIPMENT                     PUBLICLY TRADED

TARGET

Glendale International Corp.

Oakville, Ontario                                  SIC: 3716

Glendale is engaged in the manufacturing and marketing of
motor homes, travel trailers and other recreational vehicles.

2002 Results   Rev $170,513.000   Assets: $63,676,000
               NBV: $26,043,000   Net Inc: $6,510,000
Deal Multiples   Times Rev: 0.39   Offer per Share: $5.28
                 Times NBV: 2.53   Market Price: $5.55
                 Times NI: 10.13   Premium to Mkt: -4.86%

ACQUIROR

Management Group (Glendale)

Oakville, Ontario                                  SIC: 6719

VENDOR

G.P. Metal Products Ltd.

Oakville, Ontario                                          0

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 11, 2003   PRICE: $26,390,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: No Change in Control, Stake Purchase

DESCRIPTION:
2027633 Ontario Limited, a company formed by a senior
management group of Glendale International Corp., agreed to
buy 40% stake (or 5 million shrs) in Glendale International
from its largest shareholder, G.P. Metal Products Ltd. Under
the terms 2027633 Ontario Limited would pay $5.28 per shr
for a 40% stake in Glendale International Corp. The transaction
is subject to securing the necessary financing, shareholder and
regulatory approval and expected to close within 90 days.

TECHNOLOGY                                    FOREIGN TARGET

TARGET

AirPrime Inc.

California, United States                          SIC: 3662

AirPrime manufactures and distributes high-speed wireless
data and voice communication equipment for original
equipment manufacturers.

ACQUIROR

Sierra Wireless Inc.

Richmond, British Columbia                         SIC: 3669

Sierra Wireless makes hardware and software products for
wireless data communications.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 16, 2003   PRICE: $26,864,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
Sierra Wireless Inc. agreed to acquire AirPrime Inc. in an all
stock transaction. Under the terms Sierra would issue 3.7
million of its shrs in exchange for all the shrs of Air Prime Inc.
for a total value of $26.8 million.

TECHNOLOGY                                    FOREIGN TARGET

TARGET

Beve Elelctronics

Sweden                                             SIC: 3670

Beve Electronics is a manufacturer and distributor of
elelctronic and communication equipment.

ACQUIROR

Partnertech AB

Sweden                                             SIC: 3670

Partnertech is a manufacturer and supplier of eletronics
equipment.

VENDOR

Mitec Telecom Inc.

Montreal, Quebec                                   SIC: 3571

Mitec designs and manufactures components and subsystems
for the wireless telecommunications industry., primarily for
the original equipment manufacturers.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 2, 2003   PRICE: Not Disclosed
STATUS: Pending           PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Mitec Telecom Inc. agreed to sell its Swedish subsidiary Beve
Electronics to Partnertech AB. The terms of the transaction
were not disclosed. The transaction is subject to due diligence
and expected to close within 45 days.

TECHNOLOGY                                   PRIVATELY OWNED

TARGET

Firan Technology Group Inc.

Oakville, Ontario                                  SIC: 3674

Firan Technology is engaged in design and manufacturing
of electronic circuit boards and semiconductor devices.

ACQUIROR

Circuit World Corp.

Toronto, Ontario                                   SIC: 3672

Circuit World is engaged in the manufacture and marketing
of fine-line multilayer printed circuit boards.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 5, 2003   EST. PRICE: $10,250,000
STATUS: Pending           PAYMENT: Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
Glendale International Corp. agreed to sell its wholly owned
subsidiary Firan Technology Group Inc. to Circuit World Corp.
Under the terms Circuit World would issue 8,541,987 of its
Common shrs for all the shrs of Firan Technology Group. Upon
completion Glendale would hold a 49% interest in Circuit
World Corp. Both Boards approved. The transaction is subject
to shareholder approval expected to close within a month.

TECHNOLOGY                                   PRIVATELY OWNED

TARGET

MPC Circuits Ltd.

Ottawa, Ontario                                    SIC: 3674

MPC is engaged in manufacturing printed circuit boards
and semiconductor devices for OEM markets.

ACQUIROR

ESS Capital Inc.

Calgary, Alberta                                   SIC: 6719

ESS is a capital pool company.

INITIAL ANNOUNCEMENT

ANNOUNCES: Jun. 12, 2003   EST. PRICE: $1,000,000
STATUS: Pending            PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
ESS Capital Inc. agreed to acquire MPC Circuits Ltd. Under
the terms ESS Capital would issue 2.26 million of its Common
shrs at a deemed value of $.25 per shr and $100,000 in cash
plus would assume debt obligations of MPC Circuits.

TECHNOLOGY                                   PRIVATELY OWNED

TARGET

Bortec Biomedical Ltd.

Montreal, Quebec                                   SIC: 3693

Boretec designs and manufactures biomedical diagnostic
devices and research tools. Boretec specializes in design
and development medical devices based on
electromyographic signal acquisition, magnification and
analysis.

ACQUIROR

Karma Capital Corp.

Vancouver, British Columbia                        SIC: 6719

Karma is a financial holding company.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 11, 2003.   EST. PRICE: $7,600,000
STATUS: Pending             PAYMENT: Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
Karma Capital Corp. agreed to acquire all the shrs of Bortec
Biomedical Ltd. Under the terms Karma Capital would issue
subject to an escrow provision 15,026, 668 of its Common shrs
in exchange for all the shrs of Bortec for a total transaction
value of $7.6 million. Upon completion Bortec would continue
as a wholly owned subsidiary of Karma Capital Corp.

TECHNOLOGY                                    FOREIGN TARGET

TARGET

Metrisa Inc.

Massachusetts, United States                       SIC: 3820

Metrisa designs, maufactures and markets precision
measuring and calibration devices for liquids and certain
gases used in process analysis and environmental
monitoring puroposes.

ACQUIROR

Galvanic Applied Sciences Inc.

Calgary, Alberta                                   SIC: 3823

Galvanic Applied Sciences designs, manufctures and markets
analyzer systems, volume correctors and other precision
measuring devices for natural gas pipelines industry.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 25, 2003   EST. PRICE: $3,410,000
STATUS: Pending            PAYMENT: Cash, Other

CLASSIFICATION: Change in Control

DESCRIPTION:
Galvanic Applied Sciences Inc. agreed to acquire Metrisa Inc.
and its wholly owned subsidiary metrisa GmbH. Under the
terms Galvanic would pay US$2.5 million in cash at closing
plus US$900,000 in earn out payments over a 24 month period.
The acquistion would give Galvanic access to Metrisa's
intellectutal property rights, fixed assets, research and
development in progress, distribution rights and up to
US$875,000 in working capital.

TECHNOLOGY                                    FOREIGN TARGET

TARGET

GenSci Regeneration Sciences Inc.

Toronto, Ontario                                   SIC: 3842

GenSci is a manufacturer and marketer of orthopedic,
prosthetic, and surgical appliances.

ACQUIROR

IsoTis SA

Netherlands                                        SIC: 8062

IsoTis is a leading healthcare and biosurgery firm in Europe.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: $39,866,000
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: Change in Control, Bankruptcy/Receivership

DESCRIPTION:
GenSci Regeneration Science Inc. agreed to be acquired by
IsoTis SA. Under the terms IsoTis SA would pay US$29.2
million (Or 0.43 per shr) in cash for all the shrs of GenSci
which is currently operating under the Corporate Creditors'
Arrangement Act (CCAA). The combined entity would have
revenues of US$22 million annually. Transaction is subject to
approval by the bankruptcy Court and shareholders. Closing is
expected on or before Dec 31.

June 24. IsoTis and GenSci signed a licensing agreement
granting IsoTis the access to advanced carrier and delivery
systems of GenSci OrthoBiologics.

CHEMICALS                                    PUBLICLY TRADED

TARGET

DuPont Canada Inc.

Mississauga, Ontario                               SIC: 2819

DuPont Canada is engaged in the production of fibres,
chemicals and plastics for use in a variety of industries.

2001 Results   Rev $2,191,144,000    Assets: $2,231,003,000
               NBV: $1,687,532,000   Net Inc: $221,555,000
Deal Multiples   Times Rev: 2.76   Offer per Share: $21.75
                 Times NBV: 3.58   Market Price: $18.60
                 Times NI: 27.28   Premium to Mkt: 16.94%

ACQUIROR

E.I. du Pont de Nemours & Co.

Delaware, United States                            SIC: 2911

E.I. du Pont is engaged in the manufacture of adhesives and
sealants.

UPDATE

                           REVISED: Jun. 17, 2003
ANNOUNCED: Mar. 19, 2003   PRICE: $1,450,600,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: No Change in Control, Going Private

DESCRIPTION:
UPDATE: About 93% of the shares (or 47 million shrs) were
tendered. PREVIOUS: E. I. du Pont de Nemours & Co. agreed
to acquire the remaining 24% interest in DuPont Canada Inc.
that it did not already own. Under the terms E.I. du Pont would
pay $21 per shr in cash or $1.4 billion for the minority stake.
The transaction is subject to 90% of the 66 million shrs being
tendered. Institutional shareholders like Jarislowsky Fraser Ltd.
and AGF Canadian Venture Fund disapproved the offer as
being inadequate. Upon completion E.I. du Pont would spin
off DuPont Textiles and Interiors unit as a separate company.
Offer expires on May 25.

May 22, DuPont institutional shareholders officially
rejected the offer as inadequate.

May 25. E.I. du Pont de Nemours & Co extended the offer
by two weeks. Only 23% of the shrs have been tendered to the
offer so far.

May 25. E.I. du Pont de Nemours would enter into a
separate agreement with minority shareholders to buy 90% of
their stake.

June 02. E. I. du Pont Nemours & Co. increased its offer
by $0.75 to $21.75 per shr or by a $50.6 million. AIC Ltd.
which holds 19% of the monority shrs agreed to tender to the
offer while 20% minority shareholder Jarislowsky Fraser Ltd.
rejected the offer as being still inadequate.

CHEMICALS                                    PUBLICLY TRADED

TARGET

AT Plastics Inc.

Brampton, Ontario                                  SIC: 2821

AT Plastics manufactures specialty ethylene-based resins
and compounds.

2002 Results   Rev $245,380,000    Assets: $390,881,000
               NBV: $194,348,000   Net Inc:($12,425,000)
Deal Multiples   Times Rev: 0.82   Offer per Share: $1.06
                 Times NBV: 1.03   Market Price: $0.65
                                   Premium to Mkt: 63.08%

ACQUIROR

Acetex Corp.

Calgary, Alberta                                   SIC: 2819

Acetex is engaged in the manufacture of acetic acid from
methanol.

2002 Results   Rev $205,529,000   Assets: $263,875,000
               NBV: $9,144,000    Net Inc: ($12,923,000)

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 23, 2003   PRICE: $200,000,000
STATUS: Pending            PAYMENT: Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
Acetex Corp. agreed to acquire AT Plastics Inc. in an all stock
swap. Under the terms Acetex would exchange one Common
shr of Acetex for every six shrs of AT Plastics for a total
transaction value of $200 million. The transaction is subject to
66.6% of shrs being tendered, regulatory approval and
obtainting satisfactory financing arrangement to refinance AT
Plastics debt. AT Plastic's 28% shareholder Perry Capital LLC.
agreed to tender to the offer. AT Plastics further agreed to a
breakup fee of US$5 million or AT Plastics common shrs of
equivalent value in lieu of breakup fee. Upon completion AT
Plastics shareholders would own about 25% stake in Acetex
and AT Plastics would continue as a wholly owned subsidiary
of Acetex Corp.

BUSINESS SERVICES                            PRIVATELY OWNED

TARGET

ETC Communications Inc.

Toronto, Ontario                                   SIC: 7311

ETC Communications is enegaged in providing public
relations, promotional and corporate communications
services to various industries.

ACQUIROR

Cohen & Wolfe Canada

Toronto, Ontario                                   SIC: 7311

Cohn & Wolfe provides corporate cocmmunications and
public relations services to businesses.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 11, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Cohen & Wolfe Canada acquired ETC Communications Inc.
The terms of the transaction were not disclosed.

BUSINESS SERVICES                            PRIVATELY OWNED

TARGET

Parallel Strategies

Calgary, Alberta                                   SIC: 7313

Parallel Strategies is an integrated multimedia marketing
solutions firm providing brand development, advertising and
digital Internet design services.

ACQUIROR

Trigger Communications & Design Ltd.

Calgary, Alberta                                   SIC: 7319

Trigger Communications provides marketing and
communications services.

VENDOR

Axia NetMedia Corp.

Calgary, Alberta                                   SIC: 7372

Formerly Axia Multimedia Corp., Axia NetMedia provides
software and digital communications services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 16, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION: No Change in Control

DESCRIPTION:
Axia NetMedia Corp. sold its marketing and communications
services division, Parallel Strategies to Trigger
Communications & Design Ltd. The financial terms of the
transaction were not disclosed.

BUSINESS SERVICES                            PRIVATELY OWNED

TARGET

Columbia Communications]

Ottawa, Ontario                                    SIC: 7371

Columbia Communication is a pulic realtions and
advertising firm.

ACQUIROR

Cossette Communication Group Inc.

Quebec City, Quebec                                SIC: 7311

Cossette is a major advertising agency in Canada. Initial
public offering in June/99.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 27, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Cossette Communication Group Inc. acquired Columbia
Communications. The terms of the transaction were not
disclosed. Columbia Communications had $3.1 million in
revenues for the last fiscal year.

BUSINESS SERVICES                            PRIVATELY OWNED

TARGET

Canadian Lending Solutions

Toronto, Ontario                                   SIC: 7372

Canadian Lending Solutions provides software solutions for
mortgage loan and financial services industry.

ACQUIROR

FiLogix Inc.

Toronto, Ontario                                   SIC: 7379

FiLogix is a major Canadian real estate Multiple Listing
Service provider.

VENDOR

Basis 100 Inc.

Toronto, Ontario                                   SIC: 7375

Basis 100 provides Internet-based electronic commerce
software and networks specializing in the financial services
sector. Formed through merger of Autrex Inc. and e-Net
(Canada) Financial Services Inc. in Oct./99.

UPDATE:

                           REVISED: Jun. 20, 2003
ANNOUNCED: Apr. 21, 2003   PRICE: $16,100,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS:
Filogix Inc. agreed to acquire Canadian Lending Solutions
(CLS) division of Basis 100 Inc. Under the terms Filogix would
pay $16.1 million for all the assets of CLS including
MortgageBASE[R], MortgageBASE Plus[R], HomeBASE[R],
ConsumerBASE[R], and LenderBASE[R] technologies. In
addition, Filogix would gain right to BasisXpress[R] in Canada.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Corel Corp.

Ottawa, Ontario

Corel is a software development company. Its products
include graphics, business productivity, consumer and video
applications, and network" computers.

2002 Results   Rev $126,701,000   Assets: $130,927,000
               NBV: $92,130.000   Net Inc: ($96,424,000)
Deal Multiples   Times Rev: 1.31   Offer per Share: $1.42
                 Times NBV: 1.80   Market Price: $1.32
                                   Premium to Mkt: 7.58%
ACQUIROR

Vector Capital Corp.

California, United States                          SIC: 6719

Vector Capital is a holding company.

INITIAL ANNOUNCEMENT

                          REVISED: Jun. 18, 2003
ANNOUNCED: Jun. 6, 2003   PRICE: $132,411,000
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Corel Corp. agreed to be acquired by Vector Capital Corp.
Under the terms Vector Capital would pay US$1.05 per shr for
all the shrs of Corel Corp. that it did not already own. Total
transaction value is about US$97.6 million. Corel fiarther
agreed to a breakup fee of $2 million and a portion of Vector's
expenses in case it receives a superior offer. In Mar '03 Vector
Capital acquired 22.89 million convertible pfd shrs of Corel
from Microsoft Corp. making it the largest shareholder of Corel
Corp. The transaction arrangements are approved by the Court.

June 18. Dissident shareholder group objected the offer
and formed a web-site RescueCorel.com to bar the transaction.

BUSINESS SERVICES                            PRIVATELY OWNED

TARGET

SoluCounseil Inc.

Quebec City, Quebec                                SIC: 7372

SoluCounsil is a provider of information technology services.

ACQUIROR

CGI Group Inc.

Montreal, Quebec                                   SIC: 8742

CGI Group provides information technology consulting
services in three areas: information systems,
telecommunications and management.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 20, 2003   PRICE: Not Disclosed
STATUS: Completed           PAYMENT: Cash

CLASSIFICATION: No Change in Control, Acquisition of
                Remainder

DESCRIPTION:
CGI Group Inc. acquired reamining 33% stake in
SoluCounseil Inc. The terms of the transaction were not
disclosed. CGI acquired 67% interest in SoluCounseil when it
bought Cognicase Inc. SoluCounseil had revenues of $6
million for the last fiscal year.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Comshare Inc.

Michigan, United States                            SIC: 7372

Comshare designs, develops and markets enterprise
performance management software (i.e. budgeting,
forecasting, financial planning and management reporting &
analysis) for various industries.

                                      Offer per Share: $6.25

ACQUIROR

Geac Computer Corp. Ltd.

Toronto, Ontario                                   SIC: 3575

Geac is engaged in the design, manufacture, sale, rental and
service of computer systems and software products in North
America, Europe, Australia and New Zealand

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 23, 2003   PRICE: $70,691,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
Geac Computer Corp. Ltd. agreed to acquire Comshare Inc. in
an all cash transaction. Under the terms Geac would pay
US$4.60 per shr in cash for all the shrs of Comshre for a total
transaction value of US$52 million. Comshare Board approved.
The acquisition would give Geac US$22 million in tax loss
carry forward and US$18 million in Comshare cash balances.
The transaction is subject to at least 90% of the shrs being
tendered, regulatory and shareholder approval and expected to
close in August '03.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Triple G Systems Group Inc.

Markham, Ontario                                   SIC: 7372

Triple G designs and develops sofware and provides
software programming services and products for medical
laboratories, clinics, hospitals and various other healthcare
institutions for processing healthcare information.

2002 Results   Rev $22,574,000    Assets: $18,901,000
               NBV: $10,702,000   Net Inc: ($878,000)

Deal Multiples   Times Rev: 3.30   Offer per Share: $3.30
                 Times NBV: 6.97   Market Price: $3.00
                                   Premium to Mkt: 10.00%

ACQUIROR

GE Medical Systems

Wisconsin, United States                           SIC: 3840

GE Medical designs, manufactures and markets medical
imaging equipment.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 26, 2003   PRICE: $74,600,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control, Tender Offer

DESCRIPTION:
GE Medical Systems Information Technologies Inc. agreed to
buy Triple G Systems Group Inc. in an all cash transaction.
Under the terms GE Medical would pay $3.30 per shr for all
the shrs of Triple G for a total of $74.6 million. Triple G
granted GE Medical an initital option to buy up to 19.9% of the
outstanding shrs at $3.30 per shr. Triple G further agreed to a
breakup fee of 3% of the transaction value. The transaction is
suject to shareholder and regulatory approval and expected to
close in the third quarter.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Kramer Lee & Associates

United Kingdom                                     SIC: 7372

Kramer Lee designs, develops and market document
managenment software for law firms, investment banks and
other professional service firm.

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: Jun. 27, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION; Change in Control

DESCRIPTION:
Hummingbird Ltd. acquired Kramer Lee & Associates. The
terms of the transaction were not disclosed.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Avvida Systems Inc.

Waterloo, Ontario                                  SIC: 7373

Avvida Systems designs and develops computer integrated
imaging solutions for military and commercial applications.

ACQUIROR

SBS Technologies Inc.

New Mexico, United States                          SIC: 3812

SBS Technologies designs, develops and manufactures
avionics interface, telemetry, and high-end computer
products.

UPDATE

                           REVISED: Jun. 30, 2003
ANNOUNCED: Jun. 12, 2003   PRICE: $5,500,000
STATUS: Completed          PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: SBS
Technologies Inc. agreed to buy Avvida Systems Inc. Under the
terms SBS would pay $5.5 million in a combination of cash
and SBS stock. Closing is expected within 90 days.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Product design and development unit

Fredericton, New Brunswick                         SIC: 7379

ACQUIROR

TomaNet Inc.

Toronto, Ontario                                   SIC: 8741

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

VENDOR

Mosaic Technologies Corp.

Fredericton, New Brunswick                         SIC: 8249

Mosaic, through subsidiaries, does business as Applied
Multimedia Training Centers and offers customized training
programs in Winnipeg and Calgary.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 19, 2003   PRICE: $1,600,000
STATUS: Completed          PAYMENT: Cash, Stock

CLASSIFICATION: Change in Control

DESCRIPTION:
TomaNet Inc. through its U.K. subsidiary Maxim Training
(U.K.) Ltd. acquired production and design division of Mosaic
Technologies Corp. Under the terms TomaNet paid $1.6
million in a combination of 5600,000 in cash and $1 million in
a note payable on Sept16. '03.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Ernst & Young LLP.(Calgary)

Calgary, Alberta                                   SIC: 8721

Ernst & Young is a professional accounting and auditing
services firm.

TARGET

Synergy Partners

Calgary, Alberta                                   SIC: 6022

Synergy Partners is a independent business advisory,
evaluation and sales service.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 27, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Ernst & Young-Calgary Branch merged with Synergy Partners.
The terms of the transaction were not disclosed. The
transaction created the largest mid-market mergers and
acquisitions advisory group in westerns Canada.

BUSINESS SERVICES                             FOREIGN TARGET

TARGET

Maxxcom Inc.

Toronto Ontario                                    SIC: 8742

Maxxcom, a subsidiary of MDC Corp. Inc., is a full-service
marketing communications organization.

2001 Results   Rev $596,817,000    Assets: $404,773,000
               NBV: $145,637,000    Net Inc: ($16,471,000)

Deal Multiples   Times Rev: 0.15   Offer per Share: $1.85
                 Times NBV: 0.63   Market Price: $1.40
                                   Premium to Mkt: 32.14%

ACQUIROR

MDC Corp. Inc.

Toronto, Ontario                                   SIC: 2759

Formerly MDC Communications Corp., MDC provides
communications services through two divisions." Security
and Specialty Products," and Communications and Marketing
Services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 5, 2003   PRICE: $24,000,000
STATUS: Pending           PAYMENT: Stock

CLASSIFICATION: No Change in Control, Acquisition of
Remainder, Going Private,

DESCRIPTION:
MDC Corp. Inc. agreed to acquire the the remaining 26% stake
in Maxxcom Inc. that it did not already own. Under the terms
MDC would exchange its Class A subordinate voting shrs for
all the remaining shrs of Maxxcom (13 million shrs) at a value
of $1.85 per shr. Upon completion Maxxcom would continue
as a wholly owned subsidiary of MDC Corp. Inc. The
transaction is subject to Court, regulatory and shareholder
approval and expected to close in Aug. '03.

REAL ESTATE

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Real estate portfolio (Can.)
                                                   SIC: 6500

ACQUIROR

Borealis Retail Real Estate Investement Trust

Toronto, Ontario                                   SIC: 6723

Borealis Retail-REIT is formed for the acquistion,
development and management of commercial real estate
properties.

VENDOR

Ontario Municipal Employees Retirement Board

Toronto, Ontario                                   SIC: 6731

OMERS is a $36 billion Ontario public service pension fund.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 5, 2003   EST. PRICE: $175,000,000
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Ontario Municipal Employees Retirment Board (OMERS)
agreed to sell a part of its shopping mall division to Borealis
Retail Real Estate Investment Trust (BR-REIT). Under the
terms OMERS would receive about $175 million for its real
estate portfolio.

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Real estate properties (Ont.)

-, Ontario                                         SIC: 6500

ACQUIROR

Residential Equities Real Estate Investment Trust

Toronto, Ontario                                   SIC: 6798

Residential Equities is a real estate investment trust.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 6, 2003   PRICE: $4,800,000
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Residential Equities Real Estate Investment Trust (RE-REIT)
acquired a 83-suite apartment building in Burlington, Ontario.
Under the terms RE-REIT paid $4.8 million for the property.

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Real estate properties (Que.)

-, Quebec                                          SIC: 6500

ACQUIROR

Summit Real Estate Investment Trust

Halifax, Nova Scotia                               SIC: 6798

Summit REIT is a closed-end trust investing in income-generating
real estate properties such as shopping centres,
industrial buildings and apartments. It has about $540
million of assets in Canada and the United States.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 13, 2003   PRICE: $23,000,000
STATUS: Completed          PAYMENT: Cash, Other

CLASSIFICATION: Change in Control

DESCRIPTION:
Summit Real Estate Investment Trust acquired six light
industrial properties in Montreal. Under the terms Summit paid
$23 million for the properties which composed of 391,000
square feet. The acquisition raised Summit's Quebec portfolio
to 2.7 million square foot.

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Real estate properties (Alb.)

-, Alberta                                         SIC: 6500

ACQUIROR

Summit Real Estate Investment Trust

Halifax, Nova Scotia                               SIC: 6798

Summit REIT is a closed-end trust investing in income-generating
real estate properties such as shopping centres,
industrial buildings and apartments. It has about $540
million of assets in Canada and the United States.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 23, 2003   PRICE: $41,100,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Summit Real Estate Investment Trust (Summit REIT) agreed to
buy ten light industrial properties in Alberta. Under the terms
Summit REIT would pay $41.1 million for all ten properties.
Three of the properties under acquisiton are composed of
149,000 square feet in Edmonton and seven are of 635,000
square feet in Calgary.

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Yonge-Richmond Centre

Toronto, Ontario                                   SIC: 6512

Yonge-Richmond Centre is an office space and retail
complex.

ACQUIROR

O&Y Real Estate Investment Trust

Toronto, Ontario                                   SIC: 6512

O&Y REIT is a real estate investment and management
service.

UPDATE
                           REVISED: Jun. 5, 2003
ANNOUNCED: May. 28, 2003   PRICE: $72,600,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: O&Y
Real Estate Investment Trust agreed to buy 19-storey, 300,00
square foot Yonge-Richmond Centre. Under the terms O&Y
would pay $72.6 million for the property. The transaction
would be financed through a $50 million mortgage and an
acquisition facility.

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Meadowvale Town Centre

Mississauga, Ontario                               SIC: 6512

ACQUIROR

First Capital Realty Inc.

Toronto, Ontario                                   SIC: 6512

First Capital Realty develops and operates non-residential
real estate properties.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: $63,000,000
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
First Capital Realty Inc. acquired 387,000 square foot,
Meadowvale Town Centre from an unnamed vendor. Under the
terms First Capital paid $63 million for the property. The
financing was arranged through a long-term bank line of of $36
million.

REAL ESTATE                                  PRIVATELY OWNED

TARGET

Office building (U.S.)

United States                                      SIC: 6512

ACQUIROR

Summit Real Estate Investment Trust

Halifax, Nova Scotia                               SIC: 6798

Summit REIT is a closed-end trust investing in income-generating
real estate properties such as shopping centres,
industrial buildings and apartments. It has about $540
million of assets in Canada and the United States.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 9, 2003   PRICE: $20,660,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Summit Real Estate Investment Trust (Summit-REIT) sold an
office building in Florida to an unnamed buyer. Under the
terms Summit REIT recieved US$15.2 million for the property.
The proceeds of the sales would be used to buy light industrial
property in Florida for US$13.9 million.

TRANSPORTATION & ENVIRONMENTAL SERVICES

TRANSPORTATION & ENVIRONMENTAL SERVICES      PRIVATELY OWNED

TARGET

On-Rail

Toronto, Ontario                                   SIC: 4010

On-Rail is a freight and passenger carrier which covers
1,100 kilometer network of northern Ontario and
northeastern Quebec.

ACQUIROR

Canadian National Railway Co.

Montreal, Quebec                                   SIC: 4011

CN Railway is the largest Canadian transcontinental
railway and is also a real estate developer. Completed IPO
of 83.8 million common shares on Nov.28/95.

UPDATE

                           REVISED: Jun. 2, 2003
ANNOUNCED: Nov. 22, 2002   EST. PRICE: Not Disclosed
STATUS: Uncompleted        PAYMENT: Other

CLASSIFICATION: Change in Control, Reorganization

DESCRIPTION:
UPDATE: The transaction was cancelled due to disagreement
on employment gurantee issues. PREVIOUS: Canadian
National Railway Co. agreed to buy ON-Rail. Financial terms
were not disclosed. Under the agreement Canadian National
Railway would invest over $30 million on improvements in
right-of-way, highway crossing, shop equipment and passenger
train upgrades in ON-Rail. In a competitive bidding process
Canadian National was chosen by the Federal Government to
privatise ON-Rail passenger and freight carrier.

TRANSPORTATION & ENVIRONMENTAL SERVICES      PRIVATELY OWNED

TARGET

AFA Locations Inc.

Montreal, Quebec                                   SIC: 4225

AFA Locations leases and sales mobile and modular offices.

ACQUIROR

Williams Scotsman Inc.

Maryland, United States                            SIC: 7359

Williams is engaged in the leasing of office and storage
equipment.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: Not Disclosed
STATUS: Completed         PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Williams Scotsman Inc., through its Canadian subsidiary,
Williams Scotsman of Canada Inc. acquired AFA Locations
Inc. The terms of the transaction were not disclosed.

TRANSPORTATION & ENVIRONMENTAL SERVICES      PRIVATELY OWNED

TARGET

Ethylene Storage facility (Alb.)

Fort Saskatchewan, Alberta                         SIC: 4226

ACQUIROR

Pembina Pipeline Income Fund

Calgary, Alberta                                   SIC: 6722

Pembina Pipeline was established by Loram Corp. to buy the
crude oil and natural gas pipeline assets of Pembina Corp.,
which include the Peace and Pembina systems, and interests
in the Bonnie Glen and Wabasca systems.

VENDOR

Nova Chemicals Corp.

Calgary, Alberta                                   SIC: 2869

Nova Chemicals is a chemicals manufacturer. July3/98 spun
off from Nova Corp. when it merged with TransCanada
PipeLines Ltd.

UPDATE
                           REVISED: Jun. 24, 2003
ANNOUNCED: May. 30, 2003   EST. PRICE: $185,000,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: The transaction was completed. PREVIOUS: Nova
Chemicals Corp. agreed to sell its 50% stake in Fort
Saskatchewan Ethylene Storage facility in Alberta to Pembina
Pipeline Income Fund. Under the terms Pembina would pay
about US$135 million (CADS 185 million) for the storage
facility. The transaction is conditional upon exercising of the
right to first refusal by the owner of the remaining 50% interst
in the facility, Dow Chemicals Canada Inc. Closing is expected
in June.

TRANSPORTATION & ENVIRONMENTAL SERVICES      PRIVATELY OWNED

TARGET

Aeroplan

Toronto, Ontario                                   SIC: 4512

Aeroplan is a customer loyalty management service that
provides frequent flyer mileage accumualtion and
reimbursement services in alliance with Air Canada,
Canadian Imperial Bank of Commerce and Futureshop.

ACQUIROR

American Express Canada Inc.

Toronto, Ontario                                   SIC: 6099

American Express provides travellers cheques, corporate
leisure travel services, credit, charge card and depository
banking services.

VENDOR

Air Canada

St. Laurent, Quebec                                SIC: 4512

Air Canada provides scheduled & charter air transportation
for passengers and cargo. Air Canada serves North
American, European, Asian and Caribbean destinations.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: $100,000,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: NO Change in Control

DESCRIPTION:
American Express Canada Inc. (Amex) agreed to share certain
interest in Air Canada's Aeroplan-customer loyalty program
with Canadian Imperial Bank of Commerce and Diners Club
International Ltd. The terms of the transaction were not
disclosed. As an inital payment Amex issued $1013, million in
Debtor In Possession (DIP) financing for the insolvent carrier.

PIPELINES

PIPELINES                                    PRIVATELY OWNED

TARGET

Enbridge Pipelines (Saskatchewan) Inc.

-, Saskatchewan                                    SIC: 4612

Enbridge Pipelines" is a crude petroleum transmission,
storage and distribution system.

TARGET

Alliance pipeline

Calgary, Alberta                                   SIC: 4619

Alliance pipeline is a major natural gas pipeline connecting
U.S. midwest with western Canadian natural gas reserves.

ACQUIROR

Enbridge Income Fund

Calgary, Alberta                                   SIC: 6723

Enbridge Income Fund (ELF) was formed n 2003 to hold
equity interest in Enbridge Inc., the operating company of
EIF.

VENDOR

Enbridge Inc.

Calgary, Alberta                                   SIC: 4612
Formerly IPL Energy Ltd., Enbridge owns and operates the
world's longest petroleum pipeline system, across North
America, and also distributes natural gas.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 23, 2003   PRICE: $905,000,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Enbridge Inc. agreed to sell its 50% stake in Canadian
segement of the Alliance Pipeline and its 100% stake in
Enbridge Pipelines to Enbridge Income Fund. Under the terms
Enbridge would receive $905 million for both the pipeline
assets. The transaction is a part of Enbridge Inc's reorganization
as an income fund. The proceeds of sale would be used for
Enbridge's debt reduction purposes.

UTILITIES

TELEPHONE UTILITIES                          PRIVATELY OWNED

TARGET

Communication business assets

Montreal, Quebec                                   SIC: 4813

ACQUIROR

Teleglobe International Holdings Ltd.

Montreal, Quebec                                   SIC: 6719

Teleglobe International is a holding company with interest
in communication technology and allied services.

VENDOR

Teleglobe Inc.

Montreal, Quebec                                   SIC: 4813

Teleglobe, formerly Memotec Data Inc., is engaged in
providing international telecommunications services,
manufacturing and marketing data communications products
and services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 2, 2003   PRICE: Not Disclosed
STATUS: Pending           PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control, Reorganization

DESCRIPTION:
Teleglobe International Holdings Ltd. acquired a
telecommunication business unit from Teleglobe Inc. The terms
of the transaction were not disclosed. The business unit
included a voice, data, Internet and mobile roaming assets.

GAS/ELECTRICAL UTILITIES                     PRIVATELY OWNED

TARGET

Natural gas assets (Alb.)

-, Alberta                                         SIC: 4923

ACQUIROR

Acclaim Energy Trust

Calgary, Alberta                                   SIC: 1311

Acclaim Energy Trust is engaged in the exploration for and
production of oil and natural gas.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 23, 2003   PRICE: $72,000,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Acclaim Energy Trust agreed to acquire group of natural gas
properties in Alberta. Under the terms Acclaim would pay $72
million for the properties with production capacity of 3,000
barrels of oil equivalent per day.

GAS/ELECTRICAL UTILITIES                     PRIVATELY OWNED

TARGET

Natural gas assets (Alb.)

-, Alberta                                         SIC: 4923

ACQUIROR

Brooklyn Energy Corp.

Edmonton, Alberta                                  SIC: 1311

Brooklyn Energy explors for and produces oil & natural gas
in western Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 25, 2003   PRICE: $14,200,000
STATUS: Completed          PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Brooklyn Energy Corp. acquired natural gas properties in
Ferrier, Alberta from an unnamed vendor. Under the terms
Brooklyn paid $14.2 million for the properties which produce
595 barrels of oil equivalent per day and 2.7 million cubic feet
of gas production per day.

COMMUNICATIONS & MEDIA

PUBLISHING & PRINTING                        PRIVATELY OWNED

TARGET

Newspapers (NS, NB)
                                                   SIC: 2711

ACQUIROR

Transcontinental Media Inc.

Montreal, Quebec                                   SIC: 2759

Transcontinental is engaged in newspaper publishing and
commercial printing services.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 5, 2003   PRICE: Not Disclosed
STATUS: Pending           PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Transcontinental Media Inc. acquired one daily newspaper and
two weekly newpapers from Daily News Cumberland
Publishing Ltd. and Stackville Tribune-Post Ltd. The terms of
the transaction were not disclosed. The newspapers acquired
were Amherst Daily News in Nova Scotia and The Citizen and
Stackville Tribune-Post, weeklies in New Brunswick.
Newspapers would add additional $4 million to
Transcontinental's annual revenue stream.

PUBLISHING & PRINTING                        PRIVATELY OWNED

-, Ontario                                         SIC: 2711

ACQUIROR

Osprey Media Group Inc.

Markham, Ontario                                   SIC: 2711

Osprey is a news paper printing and publishing company.

ACQUIROR

Torstar Corp.

Toronto, Ontario                                   SIC: 2711

Torstar is a broadly-based information and entertainment
communications company; interests include publishing
newspapers, books and commercial printing operations.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 6, 2003   PRICE: $30,600,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Torstar Corp. swapped some of its weekly newspapers and
related assets including a printing operation with Osprey
Media Group Inc. Under the terms Torstar paid $30.6 million
in cash for the asset swap and received Brabant and Fairway
Weekly, Orangeville Banner and a printing operation. Osprey
in turn received weekly newspaper operations in eastern
Ontario, Napanee, Barry's Bay, Kingston, Bancroft, Saugeen
and three papers in southern Ontario.

PUBLISHING & PRINTING                        PUBLICLY TRADED

TARGET

Share buyback (Quebecor World Inc.)

Montreal, Quebec                                   SIC: 2759

ACQUIROR

Quebecor World Inc.

Montreal, Quebec                                   SIC: 2759

Quebecor World is a commercial printing operation of
books, magazine, retail inserts and catalogs.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 3, 2003   PRICE: $240,000,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: No Change in Control

DESCRIPTION:
Quebecor World Inc. boughtback 10.6% of its subordinate
voting shrs at $24 per shr. The buyback program was
oversubscribed and ended in June03.

PUBLISHING & PRINTING                         FOREIGN TARGET

TARGET

Lucas-Insertco Pharmaceutical Printing Co.

Maryland, United States                            SIC: 2759

Lucas is enaged in priting instructional inserts and
pharmaceutical labels for drug manufacturing industry.

ACQUIROR

CCL Industries Inc.

Toronto, Ontario                                   SIC: 2844

CCL manufactures a variety of personal care household and
cosmetic products. The company is a North American
supplier of printed labels, aerosol containers and tubes; and
also has operations in the U.S., the U.K. and Latin America.

2002 Results   Rev $1,684.939,000   Assets: $1,342,749,000
               NBV: $436,996,000    Net Inc: $21,819,000

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 9, 2003   PRICE: $18,000,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
CCL Industries Inc. acquired Lucas-Insertco Pharmaceutical
Printing Co. Under the terms CCL paid $18 million for all the
shrs in Lucas-Insertco. Lucas had $20 million in revenues and
$4 million in operating income for the last fiscal year.

MERCHANDISING

WHOLESALE DISTRIBUTORS                       PRIVATELY OWNED

TARGET

Laknord Inc.

Laval, Quebec                                      SIC: 5031

Laknord is a manufacturer and supplier of home furniture.

ACQUIROR

Richelieu Hardware Ltd.

Dorval, Quebec                                     SIC: 5031

Richelieu imports and distributes supplies for cabinet and
furniture markets in Canada.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jan. 2, 2003   PRICE: Not Disclosed
STATUS: Completed         PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Richelieu Hardware Ltd. acquired Laknord Inc. The terms of
the transaction were not disclosed. Laknord had $3.5 million in
revenues for the last fiscal year.

WHOLESALE DISTRIBUTORS                       PRIVATELY OWNED

TARGET

Alexandre Gaudet Ltee

Montreal, Quebec                                   SIC: 5141

Alexandre is a wholesale grocery distributor to small surface
area grocers.

ACQUIROR

Metro Inc.

Montreal, Quebec                                   SIC: 6719

Metro is a holding company with interest in wholesale and
retail food and drug distribution.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 1, 2003   PRICE: Not Disclosed
STATUS: Completed         PAYMENT: Not Disclosed

CLASSIFICATION; Change in Control

DESCRIPTION:
Metro Inc. acquired Alexandre Gaudet Ltee. The terms of the
transaction were not disclosed. Alexandre had $75 million in
revenues for the last fiscal year.

WHOLESALE DISTRIBUTORS                        FOREIGN TARGET

TARGET

Commercial fleet fueling unit

Massachusetts, United States                       SIC: 5171

ACQUIROR

Heating Oil Partners Income Fund

Toronto, Ontario                                   SIC: 4925

Heating Oil Partners provides a full range of services such
as delivery of heating oil and the installation,
maintenance and service of furnaces, boilers, heating
equipment and air conditioners.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 20, 2003   PRICE: Not Disclosed
STATUS: Completed          PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Heating Oil Partners Income Fund through its operating
subsidiary Heating Oil Partners L.P., acquired a commercial
fleet fueling business in Massachusetts. The terms of the
transaction were not disclosed. The fleet fueling business
delivers about 7.6 million gallons of diesel fuel annually.

TARGET

Suzy Shier Inc.

Montreal, Quebec                                   SIC: 5621

Suzy Shier Inc. is a specialty retailer of women's apparel and
lingerie. It operates 262 Suzy Shier and L.A. Express stores
across Canada and 110 La Senza lingerie stores.

ACQUIROR

YM Inc.

Toronto, Ontario                                   SIC: 5651

YM operates a chain of clothing stores under the name of
Stitches.

VENDOR

La Senza Corp.

Dorval, Quebec                                     SIC: 5621

La Senza is retail women's clothing store.

UPDATE                    REVISED: Jun. 13, 2003
ANNOUNCED: Apr. 8, 2003   EST. PRICE: $8,000,000
STATUS: Completed         PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION;
UPDATE: YM Inc. acquired Suzy Shier Inc. for about $8
million. PREVIOUS: La Senza offered to sell its 178- store
Suzy Shier chain in a bid to reorganize La Senza as a global
brand. The terms of the transaction were not disclosed.

FINANCIAL SERVICES

FINANCIAL MANAGEMENT CO'S                     FOREIGN TARGET

TARGET

Credit card operations (Can.)
                                                   SIC: 6159

ACQUIROR

MBNA Canada Bank

Montreal, Quebec                                   SIC: 6081

MBNA Canada, a Canadian subsidiary of MBNA Corp., is
engaged in management and administration of consumer
credit and credit card services.

VENDOR

Royal Bank of Canada

Montreal, Quebec                                   SIC: 6021

The Royal Bank is one of the largest chartered banks in
Canada. It offers a full range of personal, commercial and
corporate banking services throughout Canada. It also
operates 106 offices global(v in 35 countries.

INITIAL ANNOUNCEMENT

ANNOUNCED: June 6, 2003   PRICE: Not Disclosed
STATUS: Pending           PAYMENT: Cash

CLASSIFICATION: No Change in Control

DESCRIPTION:
Royal Bank of Canda agreed to sell part of its credit card
portfolio and $50 million in receivables to MBNA Canada
Bank. The terms of the transction was not disclosed.

FINANCIAL MANAGEMENT CO'S                     FOREIGN TARGET

TARGET

London Life Bank & Trust

Barbados                                           SIC: 6712

London Life Bank is a holding company with interest in
investment trust management and insurance services.

ACQUIROR

Avenue Financial Corp.

Toronto, Ontario                                   SIC: 6211

Avenue Financial provides investment management and
securities brokerage services to high networth clients.

VENDOR

London Insurance Group Inc.

London, Ontario                                    SIC: 6311

London Insurance provides financial products and services
including life insurance and health & employee benefit plans.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 10, 2003   PRICE: Not Disclosed
STATUS: Pending            PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
Avenue Financial Corp. agreed to acquire London Life Bank &
Trust from London Insurance Group Inc. The terms of the
transaction were not disclosed. London Life has more than
$150 million in assets under management.

FINANCIAL MANAGEMENT CO'S                    PUBLICLY TRADED

TARGET

BPO Properties Ltd.

Toronto, Ontario                                   SIC: 6719

BPO Properties is a holding company with interest in nonresidential
real esate acquisition, development and
management.

2001 Results   Rev $346,623,000      Assets: $2,000,504,000
               NBV: $1,025,976,000   Net inc: $106,944,000

Deal Multiples   Times Rev: 2.49   Offer per Share: $27.88
                 Times NBV: 0.84   Market Price: $26.50
                 Times NI: 8.08    Premium to Mkt: 5.21%

ACQUIROR

Brookfield Properties Corp.

Toronto, Ontario                                   SIC: 6512

Formerly Carena Developments Ltd., Brookfield, a
subsidiary of EdperBrascan Corp. is engaged in land
development, owning and managing office and retail
complexes in North America.

2002 Results   Rev $1,372,000,000    Assets: $8,329,000,000
               NBV: $2,331,000,000   Net Inc: $280,000,000

UPDATE                     REVISED: Jan. 17, 2003
ANNOUNCED: Apr. 28, 2003   EST. PRICE: $86,428,000
STATUS: Uncompleted        PAYMENT: Cash, Stock

CLASSIFICATION: No Change in Control, Acquisition of
Remainder

DESCRIPTION:
UPDATE: The transaction was cancelled. PREVIOUS:
Brookfield Properties Corp. agreed to acquire the remaining
10% stake in BPO Properties Ltd. that it did not already own.
Under the terms Brookfield would pay $13 per shr in cash plus
0.50 of a Brookfield shr for each shr of BPO Properties for a
total of $86 million.

May 28. BPO Board receommended that shareholders
accept the offer.

FINANCIAL MANAGEMENT CO'S                    PRIVATELY OWNED

TARGET

Strait Crossing Development Inc.

                                                   SIC: 6719

Strait Crossing, a subsidiary of Strait Crossing Bridge Ltd.,
manage, maintains and operates 12.9 kilometre
confederation bridge between PEI and Newbrunswick.

ACQUIROR

Ontario Municipal Employees Retirement Board

Toronto, Ontario                                   SIC: 6731

OMERS is a $36 billion Ontario public service pension fund.

VENDOR

Ballast Nedam Development Canada Inc.

Netherlands                                        SIC: 1622

Ballast Nedam is a heavy construction and construction
management firm.

INITIAL ANNOUNCEMENT

ANNOUNCED: Jun. 2, 2003   PRICE: Not Disclosed
STATUS: Completed         PAYMENT: Not Disclosed

CLASSIFICATION: No Change in Control

DESCRIPTION:
Ontario Municipal Employees Retirement Board (OMERS),
through its subsidiary BCP Maritime Corp. acquired 34% stake
in Starit Crossing Development Inc. from Ballast Nedam
Development Canada Inc. The financial terms of the transaction
were not disclosed.

FINANCIAL MANAGEMENT CO'S                    PRIVATELY OWNED

TARGET

Howson Tattersal Investment Counsel Ltd.

Ottawa, Ontario                                    SIC: 6719

Howson Tattersal provides investment management services.

ACQUIROR

CMA Holdings Inc.

Ottawa, Ontario                                    SIC: 6719

CMA Holdings, a subsidiary of Canadian Medical
Association is engaged in various investment and asset
management services.

INITIAL ANNOUNCEMENT

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

CLASSIFICATION: Change in Control

DESCRIPTION:
Canadian Medical Association, through its subsidiary CMA
Holdings Inc., agreed to buy Howson Tattersall Investment
Counsel Ltd. The terms of the transaction were not disclosed.
Upon completion Howson would be merged with Lancet Asset
Management Inc. The combined entity will have $6 billion in
assets under management. The transaction is expected to close
in Aug31.

FINANCIAL MANAGEMENT CO'S                    PRIVATELY OWNED

TARGET

Altus Securities Inc.

Toronto, Ontario                                   SIC: 6722

Altus is an investment services and management firm.

ACQUIROR

Rockwater Capital Corp

Toronto, Ontario                                   SIC: 6799

Rockwater Capital is an investment management and
brokerage services operation.

UPDATE                    REVISED: Jun. 27, 2003
ANNOUNCED: May. 1, 2003   PRICE: Not Disclosed
STATUS: Uncompleted       PAYMENT: Not Disclosed

CLASSIFICATION: Change in Control

DESCRIPTION:
UPDATE: Rockwater Capital failed to reach a definitive
agreement. PREVIOUS: Roekwater Capital Corp. agreed to
acquire Altus Securities Inc. The term of the transaction were
not disclosed. The acquistion would increase assets under
Roekwater management to $4 billion. The transaction is
expected to close in July. Upon completion Altus would
continue under the banner of First Associates Private Client
Group.

FINANCIAL MANAGEMENT CO'S                    PUBLICLY TRADED

TARGET

Rogers Sugar Income Fund

Montreal, Quebec                                   SIC: 6722

Rogers Sugar is an open-end investment fund.

ACQUIROR

Underwriting group (Can.)
                                                   SIC: 6211

VENDOR

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: Jun. 25, 2003   PRICE: $89,000,000
STATUS: Pending            PAYMENT: Cash

CLASSIFICATION: Change in Control

DESCRIPTION:
Onex Corp. agreed to sell its 24% stake in Rogers Sugar
Income Fund (RSIF) to an underwriting syndicate led by Scotia
Capital and RBC Capital markets ("the Syndicate") on a
bought deal basis. Under the terms Onex would receive $89
million for its 24% interest in RSIF. Closing is expected in
July '03.
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Publication:Mergers & Acquisitions in Canada
Date:Jul 1, 2003
Words:11679
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