Toronto Stocks Flat; Restaurant Brands International Shares Rise on U.S. Acquisition

By Adriano Marchese

Stocks in Toronto were mostly flat on Monday at midday, with materials and energy losses balancing gains in healthcare and consumer discretionary stocks.

Shares in Restaurant Brands International Inc., the owner of Tim Hortons, Popeyes and Burger King, rose after announcing it had agreed to acquire U.S.-based restaurant chain Firehouse Subs for $1 billion.

Canada's S&P/TSX Composite Index was down 0.06% at 21757.11 while the blue-chip S&P/TSX 60 rose 0.01% to 1310.06.

Restaurant Brands International Inc. shares were up 1.1% at C$72.50 after it said it agreed to acquire U.S.-based restaurant chain Firehouse Subs for $1 billion in an all-cash transaction, funding the acquisition through a combination of cash on hand and debt. The transaction is expected to close in the coming months.

CloudMD Software & Services Inc. tumbled 7.5% to C$1.48 after announcing it agreed to acquire all Toronto-based digital therapy platform developer MindBeacon Holdings Inc. shares in a cash and stock deal valued at around 116 million Canadian dollars ($92.4 million).

Shares in Think Research Corp. were up 1.7% to C$1.80 on news that it was awarded a multi-year C$5.2 million contract in the province of Ontario, valued at roughly around $4.1 million, to support the development of the province's digitally enabled healthcare navigation tool.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

11-15-21 1239ET