The board of directors of Clarington Corp. today conceded that the bid for Clarington from CI Fund Management Inc. constitutes a “competing transaction”.

The $285 million bid from CI tops one from Industrial Alliance Insurance and Financial Services Inc. worth $273 million.

Clarington had argued that CI’s proposal had not achieved official status, without a formal mailing to shareholders.

“While non-binding and subject to certain preconditions, the CI proposal provides that CI will make an offer at $14.75 per Clarington common share for all such shares, payable in cash or CI common shares at the election of the Clarington shareholders,” Clarington said in a release.

The terms and conditions “are otherwise substantially the same as the terms and conditions of the offer made by Industrial Alliance, which was mailed to Clarington shareholders on Nov. 20.”