The board of directors of Clarington Corp. today confirmed its support of the recently increased offer from Industrial Alliance Insurance and Financial Services Inc. to acquire all the outstanding common shares of Clarington for $15 per share.

Industrial Alliance announced the mailing of a notice of variation to Clarington’s shareholders formally amending its offer to reflect the increased price.

“In view of this improved offer, the $14.75 per share proposal made by CI Financial Inc. in its letters to Clarington of November 18 and 23, 2005 no longer constitutes a Competing Transaction for the purposes of Clarington’s Support Agreement with Industrial Alliance,” Clarington said in a release.

Clarington also announced that it has been granted by the securities regulatory authorities, in all jurisdictions where required, an extension of the time required for filing and delivering its directors’ circular in connection with the Industrial Alliance offer.

Clarington said it will mail its directors’ circular addressing the $15 per share offer no later than December 8.