Dundee Corp. says its board cannot respond positively to the terms and conditions proposed by CI Financial for the unsolicited bid for its subsidiary DundeeWealth Inc.

CI is offering for $20.25 per share, or $2.4 billion, for all of the common shares of DundeeWealth.

As announced on September 18, DundeeWealth has entered into agreements with The Bank of Nova Scotia providing for DundeeWealth’s sale of its banking unit and the issuance by DundeeWealth of shares giving The Bank of Nova Scotia an approximate 18% equity interest in DundeeWealth.