After markets closed Monday, CI Financial released further details on its intention to make an unsolicited offer to acquire all of the outstanding common shares of Clarington Corp. for $13 per common share,

If completed the deal would be worth approximately $254 million.

Under the offer, shareholders of Clarington can elect to receive, at their option, $13 cash, common shares of CI valued at $13 or a combination of cash and CI common shares valued at $13 for each common share of Clarington.

In a release, CI said “The cash, share and combination alternatives are not subject to any aggregate maximums nor to proration. The exchange ratio used to calculate the number of CI common shares issuable will be based on the volume weighted average trading price of CI’s common shares for the five days prior to the completion of the offer period (including any extensions thereof). Eligible Canadian Clarington shareholders electing to receive CI shares will have the opportunity to acquire CI shares on a tax-deferred rollover basis.”

CI said it expects to mail its offer to Clarington shareholders as soon as reasonably possible following delivery by Clarington of lists of its securityholders.

The offer will be made only by formal offer and take-over bid circular. It is currently anticipated that the offer will be subject to customary conditions including receipt of all necessary regulatory approvals and no material adverse change having occurred in the business, prospects or operations of Clarington. If all of those conditions are met and CI receives cooperation from Clarington management including access to information, CI currently expects completion of the transaction before Dec. 31, 2005.

In a news release, Clarington acknowledged the announcement of CI’s unsolicited offer.

Clarington said a special committee of the board of directors is engaged in a review of strategic options for Clarington. Upon receipt of CI’s formal take-over bid and circular, the board will be communicating with Clarington shareholders.