Dundee Wealth Management and Canadian First Financial Group have determined that the conditions for completing the purchase of CFFG need to be revised. Dundee has agreed to amend its offer by dropping the price to $1.26 per share from $1.33 and waive a number of the conditions in the original offer.

The amended offer is open for acceptance until midnight on July 29. It’s now conditional upon 90% of the shares being tendered, regulatory approvals, non-occurrence of certain material adverse changes, compliance with the lock-up and support agreements and no legal prohibition to the purchase.

CFFG’s board has unanimously approved the amended offer. A notice of change to the directors’ circular recommending acceptance of the amended offer has also been mailed to shareholders.

The board has received a revised opinion from Scotia Capital Inc. which states that the amended offer is fair from a financial point of view. Shareholders holding over 75% of the CFFG shares have signed amended lock-up agreements, and over 90% of the shares were tendered to the original offer.