IPC Financial Network Inc. and Dundee Wealth Management Inc. announced Friday that their merger is off. In the proposed transaction, Dundee Wealth was to have acquired IPC.
The closing, which had initially been scheduled for early April, was extended to permit the parties to continue to address a number of unfulfilled closing conditions. One condition was that Dundee Wealth be satisfied with the status of certain regulatory approvals in respect of irregular activities of former principals of KPLV Securities Inc.
KPLV was acquired by IPC acquired in 2001. The former principals are no longer associated with IPC.
These conditions remained unsatisfied on April 25, following which date the merger agreement between the parties could have been terminated by either party. In a statement Dundee and IPC said the closing conditions remain unsatisfied.
Don Charter, executive vice president of Dundee Wealth, said “We continue to believe that IPC is a good company and we continue to share the same common vision and commitment to the importance of the independent financial advisor.”
Steve Meehan, CEO of IPC, said “While it is unfortunate that we could not complete the merger as we had anticipated, IPC is confident that its current operating success will continue and that its strong relationship with ING Canada Inc. will continue to enable it to solidify its position as a pre-eminent independent participant in the Canadian financial services industry.”