Industrial Alliance Insurance and Financial Services Inc. has increased to $15 per share its offer to acquire all of the outstanding common shares of Clarington Corp.

The announcement came late Friday, a day after the Clarington board acknowledged that Industrial Alliance’s rival, CI Financial Inc., had made a valid $285 million bid for the asset-management firm, worth $14.75 per share.

“This is the best offer and the only firm and binding offer made to Clarington shareholders to this point,” said Yvon Charest, president and CEO of Industrial Alliance, in a release.

Other than the increase in price, all other conditions of the offer remain unchanged. It expires December 28.