CI Financial Inc. has dropped its $285 million takeover bid for Clarington Corp., clearing the way for w Industrial Alliance Insurance and Financial Services Inc. to buy the wealth-management firm.

In a statement released today CI said it no longer intends to make an offer to acquire the outstanding common shares of wealth management firm Clarington.

CI had proposed a bid of $14.75 per share.

Clarington’s board of directors has endorsed an offer from Industrial Alliance to acquire all the outstanding common shares of Clarington for $15 per share.

The IA offer has been mailed to Clarington’s shareholders.