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Neill May and Ryan Szainwald in "CIBC divides steel products maker to conquer"

December-22-2014

Lawyer Neill May
Area Corporate Finance and Securities

Details

Article originally published in The Globe and Mail, December

Excerpt from:  "CIBC divides steel products maker to conquer", by Sean Silcoff:

Some small caps are trickier to sell than others.  CIBC World Markets Inc. gets full marks for cleverly pulling off a successful $363-million auction of Oakville, Ont. manufacturer Vicwest Inc.  Two auctions, to be precise.

When Vicwest converted into an income trust in 2005, the company was a perfect fit for the structure. It had two different businesses with one thing in common: both bashed steel.  One made grain storage containers for farms; the other made siding and roofing for builders.  The idea was that their differing business cycles would complement each other, funding steady payouts.

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