Total Energy Services said it is proposing to make a C$2.90-a-share takeover offer for Strad Energy Services The Calgary, Alberta-based energy-services company said it currently owns about 9.95% of Strad, which closed trading Monday at C$2.60. Separately, Strad said it hasn’t yet received a formal offer, but has formed a special committee should it receive an offer.
Canadian Apartment Properties Real Estate Investment Trustid it has agreed to buy an apartment portfolio in Montreal for about C$490 million. It also announced plans to sell 8.7 million units at C$28.70 each to raise about C$250 million.
First Capital Realty said it has eliminated 60 positions, or 13% of its workforce, as part of an organizational restructuring to streamline its operations. It expects to record restructuring costs of between C$14 million and C$16 million over the last two quarters of the year and sees annual savings of C$4.5 million to C$5.5 million starting next year.