New stock arbitrage— FirstService Corp.
FirstService Corporation is a North American leader in the essential outsourced property services sector, serving its customers through two industry-leading service platforms: FirstService Residential – North America’s largest manager of residential communities; and FirstService Brands – one of North America’s largest providers of essential property services delivered through individually branded franchise systems and company-owned operations. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada.
FirstService Corporation announced on Monday that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets and TD Securities Inc., under which the underwriters have agreed to buy on a bought deal basis 2,165,000 common shares of FirstService, at a price of US$92.50 per Common Share for gross proceeds of approximately US$200 million. The offering is expected to close on or about December 13, 2019.