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.”
Clarington says takeover bid from CI Fund is official
- By: IE Staff
- November 30, 2005 November 30, 2005
- 10:20