eye7 shaheen bagh ( ) stock zoomed on the news that the company will be taken private by Mubadala Capital, an asset manager based in Abu Dhabi. Will the deal actually go through, or might it face government scrutiny? advisor Jim Gillies shares his take. Prefer to read? There’s a transcript below. Transcript Nicholas Sciple: I’m Motley Fool Canada senior analyst Nick Sciple, and this is the “Five-Minute Major,” here to make you a smarter investor in about five minutes. Today we’re discussing CI Financial’s CAD$12.1 billion enterprise value deal to go private. My guest today is lead advisor, Jim Gillies. Jim, thanks for joining me. Jim Gillies: Thanks for the invite and the discussion, Nick. Nick: Jim, we’ve got a big deal to discuss today. On Monday, November 25, Canadian wealth management giant CI Financial announced it had agreed to go private at $32 per share in an all-cash deal to be acquired by Abu Dhabi-based Mubadala Capital. Jim, you’ve been following CI Financial for some time. What did you make of the deal? Jim Gillies: Yeah, I’ve been following for a while. I’ve owned it for two decades on and off myself and recommended in a couple of Foolish newsletters. I was unsurprised that something happened, and yet surprised that it was this definitive. What I’d actually been expecting is, over the past few years, CI has been really diligently and somewhat aggressively, frankly, building up a U.S. wealth management arm that they call Corient. In fact, about a year and a half ago — a year and four months ago — the same Abu Dhabi-based investors were at least partially involved with CI taking on an investment in the U.S. wealth management business called Corient. They took in a billion dollar U.S. stake, in part funded by the Abu Dhabi investment authority, as well as Bain Capital, the state of Wisconsin (for some reason, anyway, that was a little odd). But Abu Dhabi was invested. It was involved there. At the time, you’d take a billion-dollar investment for a 20% stake in a sub area of the business. It was a little weird because the entire market cap of CI at the time was about CAD$2.6 billion. The enterprise value — so cash or the market cap plus net debt — was CAD$5.7 billion. And here was an investment in Corien that valued just Corian at US$ 5 billion. So this was one reason why we had it in a couple services. What I was expecting to come down the pipe in the next couple of years was the the U.S. IPO of Corien. That may, in fact, happen in the next couple years. But I was not expecting that the Abu Dhabi investors, Mubadala Capital, would move to buy the whole thing. That did genuinely surprise me. Nick: Yeah, Jim, this is the biggest investment I can remember of a Middle East investor in Canada. Any chance that impacts closing the deal? Given that this entire Canadian business is being taken private, or, on the other hand, do you think we could see more of these deals of large Middle East investment companies becoming involved in the Canadian market? Jim: Well, I’m not sure of Middle Eastern, but I’m going to go just general foreign takeovers, or maybe foreign takeovers that aren’t U.S. companies. But you know, I look back to 2010; Australian giant BHP Billiton was trying to take over Potash Corp. of Canada, which had previously been the largest company in Canada. The government of the day blocked it. Said it wouldn’t be a net benefit to the country. And why, that’s interesting to me today is: Yes, I think this deal could fall through, but it won’t be because the people involved somehow don’t want it to be. I mean, the insiders are rolling some equity. The chairman, Bill Holland, is rolling some equity. Everybody’s praising the detail of the deal in the press release today. One of the subheadings in the deal press release made me pause, and this comes ahead of any of the transaction details or the board recommendation. There is a section about a third or even a quarter of the way through the press release. The title is “Benefits to Canada.” This, to me, sounds like the people involved here are expecting the Canadian government to take a look at this as a potential foreign takeover similar to BHP proposing to take over Potash and going, “No.” I think they are worried that the Canadian government might prevent this. And so they’re trying to get out ahead and not detail the potential benefits to shareholders, but benefits to the country. And they talk about maintaining leadership, maintaining jobs, maintaining headquarters, and most importantly maintaining CI’s philanthropic support of charitable organizations across Canada. I thought that was interesting, and yes, I think it could signal that they are at least worried the deal will fall through. Nick: And we’ll see where things go from here. This may not be the last episode in this transaction, but in the near term, shares of CI Financial are up significantly today. So it’s certainly a happy day for shareholders. Jim, thanks for joining us for this edition of the “Five-Minute Major.” Hope folks will join us again next time. Jim: Thank you.

Hennessy Advisors, Inc. Announces Listing Transfer for the Hennessy Stance ESG ETF (STNC) to The Nasdaq Stock Market LLC

A LEADING hotelier has said reducing the VAT would be a quick fix to the industry but it is not the only solution. John Burke has been working in the Armada Hotel in Clare for 25 years, taking over when he was 21, but it has been in his family for much longer. It has been open for 56 years, starting as a pub before progressing into a wedding venue and tourist spot. And he said the VAT reduction back to 9 per cent would be a great bonus for the industry, but it is not the only problem, citing the cost of food as a huge issue. John said: “I've been through a few ups and downs along the way, and there've been some really difficult times. And this is difficult, too. “It's just gone really, really tight. The business and the margins are gone really tight, particularly on the food side of it. For standalone restaurants and cafes, it's a really difficult time for them. “I suppose we have to make it a better industry to work in. We have to raise the pay. We have to raise the minimum wage. “We have to pay the sick pay that's been brought in. But it's all coming very suddenly. It's all coming at a cost.” Hospitality leaders have been campaigning political parties in the run-up to the election to bring back down the VAT as they had done during the pandemic. The rate had previously been cut to nine per cent to support the sector during the pandemic before being restored to 13.5 per cent. The industry had been calling for a nine per cent rate in the Budget announced on October 1, with an 11 per cent middle ground also floated. However, no such cut was announced and the rate remained at 13.5 per cent - much to the disappointment of hospitality representatives. John, who is married to Irish actress Aoibhin Garrihy , said: “That there is a quick fix, in that would resolve a lot of the issues. But it can't just be that. “Getting through the difficult times in the past, it is about being as creative as possible, working as hard as possible. "When you face a challenge, in particular during Covid, we worked harder, myself and the team, than we ever did before during those years. “And I'm working hard and coming up with new ideas. I suppose if you curl up and if you cower away from the challenges, you're definitely on a downward spiral. "But just trying to take them head on and trying to tackle them head on and trying to reinvent and trying to find opportunities where there's very little scope for them, that’s where it’s at.” He said it may be different for his perspective as the Armada “started with very little”. John said: “That was always the culture, like, fight for the scraps and fight for whatever you could. It was always very challenging and very, very tight. “But there's always opportunities. If you look, there's always opportunity. You just have to look hard and work really hard at them. And I suppose that's the kind of mindset we have in the business.” He added that VAT “can’t be the only solution”. The hotelier continued: “It is an important part of the solution, but it's not the only solution. We are a creative industry. "And I suppose when the chips are down, we can see what has happened in the past. We have to keep creating and working harder and finding ways. But it is challenging.” He said in the hotel business, the room costs are not as high as food. He added: “I believe hospitality, like cafes and restaurants, they're a huge part of the social fabric of areas and communities, and I think particularly in rural Ireland, like these cafes and restaurants are where people and where I see our team in the hotel on their days off, this is where they're hanging out “We know that there's a shift away from the drinking culture. But these are an important social part of society and particularly in smaller communities. And they can't continue to fail. “They have to get support. They have to be allowed to survive. They can't be fighting for scraps or trying to break even in a year. You know, they deliver more to society than the support that they are getting. “And I would say the Government was there when the chips were down during Covid. The recognition is deserved for that, but these are still really, really challenging times and with a bit of support, we can make it. "We can continue to make it a great industry and an industry that will thrive and won't cost the government with businesses closing down and everything else that comes with that.” Speaking about this time of year, he said it is “always tough” and the crew have to be creative to get people in the doors. They mainly rely on locals and Irish people holidaying for the months between November and March, as he does not want to close down for winter. John said: “I suppose the traditional thing in seasonal, in regional hotels, hotels along the coast would be to try and close down, you know, for a couple of months a year, but we're really, like I've always avoided that. And I suppose the objective is to continue to avoid that. “I feel like it's better for employment, it's better for the quality of the hotel and for our ability to kind of keep improving and progressing. if we could just try to generate enough business to make it worthwhile to stay open during the down season.” He added: “Everyone is kind of pursuing the same customers. What we're trying to do is stand out from the competition, be a bit more creative, try to do something a bit different, work harder from ourselves, we really have to continually work harder.”

Natixis Advisors LLC increased its stake in shares of UMB Financial Co. ( NASDAQ:UMBF – Free Report ) by 51.2% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 28,935 shares of the bank’s stock after purchasing an additional 9,803 shares during the period. Natixis Advisors LLC owned approximately 0.06% of UMB Financial worth $3,041,000 at the end of the most recent reporting period. Several other institutional investors have also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC purchased a new position in shares of UMB Financial during the third quarter worth $26,000. Covestor Ltd lifted its stake in UMB Financial by 31.0% during the 3rd quarter. Covestor Ltd now owns 431 shares of the bank’s stock worth $45,000 after acquiring an additional 102 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in UMB Financial during the 2nd quarter valued at about $128,000. CWM LLC grew its position in UMB Financial by 7.1% in the 2nd quarter. CWM LLC now owns 1,941 shares of the bank’s stock valued at $162,000 after acquiring an additional 129 shares in the last quarter. Finally, Heritage Family Offices LLP purchased a new stake in UMB Financial during the third quarter worth about $203,000. Institutional investors and hedge funds own 87.78% of the company’s stock. Insider Activity In other UMB Financial news, Director Greg M. Graves bought 258 shares of UMB Financial stock in a transaction dated Friday, November 1st. The stock was acquired at an average cost of $109.29 per share, with a total value of $28,196.82. Following the completion of the acquisition, the director now owns 36,244 shares of the company’s stock, valued at approximately $3,961,106.76. This represents a 0.72 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink . Also, insider Robert Brian Beaird sold 854 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $123.38, for a total value of $105,366.52. Following the completion of the transaction, the insider now owns 5,828 shares in the company, valued at $719,058.64. This trade represents a 12.78 % decrease in their position. The disclosure for this sale can be found here . In the last three months, insiders sold 55,303 shares of company stock valued at $5,830,165. Insiders own 8.85% of the company’s stock. Analyst Upgrades and Downgrades View Our Latest Research Report on UMBF UMB Financial Price Performance Shares of NASDAQ UMBF opened at $125.00 on Friday. The stock’s 50-day simple moving average is $110.81 and its 200-day simple moving average is $97.26. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.76 and a current ratio of 0.76. The firm has a market capitalization of $6.10 billion, a PE ratio of 15.63 and a beta of 0.78. UMB Financial Co. has a fifty-two week low of $69.96 and a fifty-two week high of $128.73. UMB Financial ( NASDAQ:UMBF – Get Free Report ) last issued its quarterly earnings data on Tuesday, October 29th. The bank reported $2.25 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.05. The business had revenue of $716.44 million during the quarter, compared to the consensus estimate of $398.83 million. UMB Financial had a net margin of 14.44% and a return on equity of 13.80%. During the same quarter in the previous year, the firm earned $2.02 EPS. As a group, equities research analysts forecast that UMB Financial Co. will post 9.33 EPS for the current fiscal year. UMB Financial Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 10th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.28%. This is a boost from UMB Financial’s previous quarterly dividend of $0.39. UMB Financial’s payout ratio is 19.50%. UMB Financial Company Profile ( Free Report ) UMB Financial Corporation operates as the bank holding company that provides banking services and asset servicing in the United States and internationally. The Commercial Banking segment provides commercial loans and credit card; commercial real estate financing; letters of credit; loan syndication, and consultative service; various business solutions including asset-based lending, mezzanine debt, and minority equity investment; and treasury management service, such as depository service, account reconciliation, cash management tool, accounts payable and receivable solution, electronic fund transfer and automated payment, controlled disbursement, lockbox service, and remote deposit capture service. Featured Stories Want to see what other hedge funds are holding UMBF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for UMB Financial Co. ( NASDAQ:UMBF – Free Report ). Receive News & Ratings for UMB Financial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for UMB Financial and related companies with MarketBeat.com's FREE daily email newsletter ."Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum." Section 1.10.32 of "de Finibus Bonorum et Malorum", written by Cicero in 45 BC "Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae ab illo inventore veritatis et quasi architecto beatae vitae dicta sunt explicabo. Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem. Ut enim ad minima veniam, quis nostrum exercitationem ullam corporis suscipit laboriosam, nisi ut aliquid ex ea commodi consequatur? Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum fugiat quo voluptas nulla pariatur?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 1914 translation by H. Rackham "But I must explain to you how all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because those who do not know how to pursue pleasure rationally encounter consequences that are extremely painful. Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure. To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it? But who has any right to find fault with a man who chooses to enjoy a pleasure that has no annoying consequences, or one who avoids a pain that produces no resultant pleasure?" 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