(March 22 – 14:20 ET) – The Allianz of Canada, Inc. bid for 100% of Canada Brokerlink Inc. common shares has been successful. Approximately 33 million of the common shares of CBI were validly tendered under the offer and Allianz has taken up and accepted for purchase such common shares at a price of C$1.20 per share, representing approximately 93% of the total issued and outstanding common shares of CBI.
Payment of the shares taken up by the Allianz under the offer is expected to be made on or about March 23, 2000. Allianz expects to purchase the balance of the issued and outstanding common shares of CBI pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).
Christian Cassebaum, Allianz’s president & CEO, says “We will move quickly to evaluate and realize synergies between our organizations, while enabling Canada Brokerlink to continue as an independent broker network, serving the needs of its customers in a highly professional manner.”
Charles B. Loewen, CBI’s Interim CEO, confirms that CBI is looking forward to its new relationship with Allianz. “The financial backing of Allianz will provide CBI with increased financial stability and will allow CBI to focus on the core business.” He adds that employee training and development will be a priority for CBI as the company works to revitalize itself after the uncertainty of the past few months.
The Toronto Stock Exchange has not approved or disapproved of the
information contained in this press release.
-IE Staff