(December 18 – 12:55 ET) – C.I. Fund Management Inc. says that its offer to acquire all of the outstanding common shares of Mackenzie Financial Corp., set to expire at midnight on December 22, will not be extended if the necessary regulatory conditions to permit it to take up and pay for shares under the offer are not fulfilled prior to the expiry of the bid.

William Holland, C.I.’s president and CEO, stated unequivocally that C.I. will not extend the offer beyond midnight on December 22, if the poison pill adopted by Mackenzie is still in effect at that time, or if the necessary exemptions and approvals required under Canadian securities laws have not been obtained.

The Ontario Securities Commission will hold a hearing to consider an application by C.I. to cease-trade Mackenzie’s shareholder rights plan and to abridge the 60 day notice period that otherwise applies to a change in control of a mutual fund manager.

The hearing will be held on December 20 at the OSC’s offices in Toronto.
-IE Staff