ONEX Acquires Jannock for $640M

Onex Corporation announced on March 10, 2000 that it has successfully completed a $640 million plan of arrangement transaction involving the acquisition of Jannock Limited, through its MAGNATRAX subsidiary. The complicated transaction involves the acquisition of Jannock shares, the spin-off of certain real property of Jannock and the issuance of high yield debt to the shareholders (in addition to cash) of Jannock.

Onex was represented by Torys with a team that included Philip Brown, William Charnetski, Cheryl Graden and David Seville on the corporate and securities side and Robert Aziz and Paul Petrelli who arranged the bank financing for the transaction. Acting for Jannock was Fraser Milner in Toronto with a team of lawyers led by Richard Scott and which included Riccardo Trecroce, Barbara Conway and Paul Shantz on corporate and securities and Ronald Matheson on financing. Gowling Strathy & Henderson in Toronto acted for the bank syndicate with a team led by Harold Chataway and which included Jeffrey Goldenthal, Patricia MacDonald, Domagoj Glavota, Stephen Harmer and Martin Ross.