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TSX Snaps Out Of Funk -- Canadian Commentary

Canadian stocks rose Monday, led by gains in the banking sector. The TSX Composite was up 73.50 points to 15,266.04, trimming recent losses after sliding to the lowest in six months.

In corporate news, Tim Hortons franchisees have filed a proposed class action lawsuit against the coffee giant's parent companies Restaurant Brands International Inc. and TDL Group Corp.

NOVADAQ Technologies Inc. (NVDQ, NDQ.TO) announced a definitive arrangement with Stryker Corp. pursuant to which Stryker has agreed to acquire all of the issued and outstanding shares of NOVADAQ for $11.75 per share in cash, or $701 million.

Land & Buildings Investment Management, LLC said it has issued a letter to the board of directors of Hudson's Bay Co. (HBC.TO), calling on the department store operator to evaluate all strategic alternatives to maximize shareholder value. Land & Buildings is a holder of about 4.3 percent of Hudson's Bay shares.

Magna International (MGA.TO) will produce BMW's new 5-series plug-in hybrid.

Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced its board has elected John Paulson to serve as a director, effective June 14, 2017. Paulson is the president of Paulson & Co., Inc., a New York-based investment firm.

WTI light sweet crude oil was down 58 cents to $44.17 a barrel today.

by RTT Staff Writer

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