Assante Corp. confirmed today that it is considering a takeover offer and said it is in discussions with several other interested parties.
Responding to a news report, Assante CEO Martin Weinberg said in a statement that the firm’s board of directors established a special committee to assess an unsolicited proposal. The committee is headed by former CIBC chairman Holger Kluge, who has been elected to the Assante board of directors.
“We are not at all surprised at the interest in our company. We have a wide distribution reach, among the best advisors in the country, a unique integrated service and strong performance on all fronts,” said Weinberg.
He said the company “is currently in discussions with a number of interested parties.” But he said the discussions are at a preliminary stage and may not result in a transaction agreement. The firm does not intend to update this statement unless a definitive agreement is reached.
Weinberg said this move to explore strategic alternatives is consistent with past practice. “Our priority is to advance our business plan for our clients, advisors, employees and shareholders in the most effective way possible,” he said. “Consequently, we are also investigating a number of potential acquisitions and other strategic alternatives.”
The compamy’s annual meeting is today in Toronto.
Assante confirms takeover offer
CEO Weinberg says company “is currently in discussions with a number of interested parties”
- By: IE Staff
- June 4, 2003 June 4, 2003
- 12:40