Source: The Canadian Press

DundeeWealth Inc. has announced a special dividend to shareholders as part of its obligation under a takeover offer by Bank of Nova Scotia.

Holders of its common shares (TSX:DW) will get $2 cash plus one common share of Dundee Capital Markets Inc. as a special dividend.

Holders of Series X first preference shares will get a special dividend of $1.67 cash plus 0.83 share of Dundee Capital Markets Inc.

The special dividend will be paid on Jan. 31 to shareholders of record on Jan 28.

Meanwhile, Scotiabank (TSX:BNS) announced it has extended its offer for all of DundeeWealth’s shares until Feb. 1, to allow time to get the required regulatory approvals.

In November, Scotiabank added major muscle to its wealth-management business by offering $2.3 billion to buy all of DundeeWealth, a money manager that runs the Dynamic family of mutual funds in Canada.