Dundee Wealth Management Inc. and Cartier Partners Financial Group Inc. have agreed to change the Dundee Wealth offer to Cartier shareholders such that Cartier shareholders will have the opportunity to elect, at their option, to receive additional Dundee Wealth common shares instead of cash under the previously announced take-over bid by Dundee Wealth for all Cartier common shares.
The change comes in response to requests from Cartier advisors who hold Cartier shares expressing a desire to have an increased share alternative.
“We encourage share ownership in Dundee Wealth and we are more than happy to make this option available” said Ned Goodman, chairman, president and CEO of Dundee Wealth, in a news release.
Dundee Wealth and Cartier announced on November 11, 2003 that Dundee Wealth would make a take-over bid to acquire 100% of the issued and outstanding common shares of Cartier.
The offer price was 54¢ cash and 0.021192 of a Dundee Wealth common share for each Cartier common share. Dundee Wealth and Cartier have now agreed that in respect of the 54¢ cash component, Cartier shareholders can elect to receive, at their option, any combination of cash and Dundee Wealth common shares, to a maximum of 54¢ cash, if such holder chooses all cash, and to a maximum of 0.071523 of a Dundee Wealth common share, if such holder chooses all Dundee Wealth common shares, subject to a maximum number of additional Dundee Wealth common shares of 4,112,340.
Accordingly, if holders of Cartier common shares elect to receive a greater number of additional Dundee Wealth common shares, each holder’s election will be reduced pro-rata.
Dundee Wealth amends Cartier offer
Increased share option responds to advisor requests
- By: IE Staff
- November 18, 2003 November 18, 2003
- 09:20