Livent receives copy of KPMG forensic audit

Article Abstract:

Livent Inc., a theater firm headquartered in Toronto, Ontario, received on Oct. 22, 1998, the forensic audit done by accountants KPMG. The release of the audit was approved by Justice John Ground of the General Division of the Ontario Court. On Aug. 10, 1998, the US and Canadian regulators halted the shares of the Toronto firm pending more data from KPMG Investigation & Security Inc. about the alleged accounting errors at the firm. The new management of Livent, led by New York, NY, investment banker Roy Furman and Hollywood powerbroker Michael Ovitz, announced that they anticipate to finish the restatement of Livent's financial figures before the second week of November 1998.

Comment:

Receives on 10/22/98 the forensic audit done by accountants KPMG in connection with the alleged accounting discrepancies

Financial analysis, Ontario, Motion Picture Theaters (except Drive-Ins), Movie Theaters ex Drive-In, Movie theaters, Livent Inc., Article

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Home Hardware snags rival chain

Article Abstract:

Beaver Lumber Co Ltd has been acquired by competitor Home Hardware Stores Ltd of St Jacob's, Ontario, from Molson Inc for C$33 million in cash. The deal, which also calls for Home Hardware to assume C$35 million in debt, will create a retail network of 1,100 stores with annual retail sales of about C$3 billion. The sale capped two years of waiting for Molson, which described the transaction price as fair despite expectations by some analysts that the do-it-yourself chain could fetch as high as C$120 million.

Canada, Asset sales & divestitures, Acquisitions & mergers, Hardware Stores, Beaver Lumber Company Ltd., Home Hardware Stores Ltd.

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