TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,378.84, down 315.32):
Suncor Energy Inc. (TSX:SU). Energy. Down $2.80, or 6.50 per cent, to $40.27 on 15.4 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down $3.46, or 4.73 per cent, to $69.77 on 15.1 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Down 14 cents, or 4.71 per cent, to $2.83 on 15.1 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 84 cents, or 3.27 per cent, to $24.88 on 14.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down $1.52, or 6.54 per cent, to $21.73 on 13.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down 39 cents, or 8.16 per cent, to $4.39 on 10.6 million shares.
Companies in the news:
Magnet Forensics Inc. (TSX:MAGT). Down 29 cents, or 0.65 per cent, to $44.12. Investors are getting conflicting advice from independent proxy advisors on whether the takeover price for cybersecurity firm Magnet Forensics Inc. is fair. Glass Lewis & Co. has recommended against the deal, saying the valuation for the Waterloo, Ont.-based company is inadequate and that the proposed premium is "marginal" at best. The advice comes a day after Institutional Shareholder Services Inc. encouraged shareholders to vote for the deal, saying the valuation appears "reasonable" and that there are downside risks if the deal isn't approved. Magnet Forensics announced on Jan. 20 that U.S. private equity firm Thoma Bravo would buy it in a $1.8-billion deal, which would see shareholders and their affiliates receive $44.25 in cash per share, while rolling shareholders will nab $39 per share.
Canadian Pacific Railway Ltd. (TSX:CP). Up $6.30, or 6.31 per cent, to $106.10. The U.S. rail regulator is giving a green light to Canadian Pacific Railway Ltd. to take control of Kansas City Southern Railway Co. as early as April 14. The Surface Transportation Board's approval Wednesday clears the final hurdle in CP's bid to buy KCS for US$31 billion in a deal that would create the only single-line rail network linking Canada, the U.S. and Mexico. The merged railway will be named Canadian Pacific Kansas City, with current CP chief executive Keith Creel as CEO and Calgary as the global headquarters.
This report by The Canadian Press was first published March 15, 2023.
The Canadian Press
