MCAN Completes Acquisition of Xceed
|Areas||Corporate and Commercial, Employment and Labour, Litigation, Structured Finance and Derivatives, Tax|
Goodmans represented MCAN Mortgage Corporation (“MCAN”), a mortgage investment corporation, in connection with its successful acquisition of Xceed Mortgage Corporation (“Xceed”), a Canadian provider of residential mortgages, for total consideration of approximately $53 million. The acquisition of Xceed was carried out by way of a plan of arrangement under the Ontario Business Corporations Act, pursuant to which MCAN acquired all of the issued and outstanding common shares of Xceed for $1.75 or 0.118 of an MCAN share, or a combination thereof. In consideration for the transfer of the Xceed shares, MCAN paid aggregate cash consideration of approximately $30.3 million, and issued approximately 1.5 million MCAN shares, to the former holders of Xceed shares.