CI Fund Management Inc. and Assante Corp. have set November 7 as the date for the meeting for shareholders to vote on CI’s proposed takeover of Assante. The firms have also filed their proxy circular for the meeting.

The circular lays out the background to the deal, noting that Assante first received an unsolicited proposal from CI back in February 2003. That first overture was rejected by a special committee of Assante’s board. However, in March, Assante engaged CIBC World Markets Inc. to consider potential strategic alternatives.

The circular notes that from April to June, Assante’s special committee and CIBC World Markets entered into discussions with several potential purchasers. A number of them entered into confidentiality and standstill agreements with Assante.

On June 23, CI submitted a revised bid that was only for the acquisition of Assante Canada. On June 26, a confidentiality and standstill agreement was entered into among Assante, CI and Sun Life Financial Inc. Between June 26 and July 29, Assante’s committee, counsel and CIBC negotiated the terms of CI’s proposal. They then entered exclusive negotiations with CI.

Throughout August, negotiations and due diligence continued. Ultimately, because of its close relationship with CIBC, Assante also decided to hire Griffiths, McBurney & Partners to advise on the deal. On August 22, after final negotiations and before the opening of trading on the TSX, the deal was finalized, and announced later that morning.

The U.S. spinoff is to be owned by a holding company known as Loring Ward International Ltd.

The proxy also reports that Assante’s board has accelerated the vesting of all unvested Assante options, effective October 6.