Assante Corp. is taking steps to begin the winding down of its escrow. Marty Weinberg, chairman, president and CEO says the escrow will be terminated upon completion of the arrangement with CI Fund Management Inc.
Until then, any shareholder request for early withdrawal of escrow shares will be approved. The board of directors made the decision at a meeting yesterday.
The decision will allow shareholders greater flexibility as the transaction between Assante and CI nears completion.
Approximately 16.4 million Assante shares are currently held in escrow. About half of these shares will continue to be restricted by a lock-up agreement that will remain in effect until the close of the transaction with CI.
Under the transaction, Assante will spin off its U.S. operations to shareholders via a separate company (Loring Ward International Ltd.) immediately before CI acquires Assante.
The arrangement will be considered on November7 at a special meeting of common shareholders and optionholders.
Assante approves early withdrawal of escrow shares
Decision grants shareholders greater flexibility
- By: IE Staff
- October 22, 2003 October 22, 2003
- 14:50