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


Lawyer Neill May
Area Corporate Finance and Securities


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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