(November 24 – 18:30 ET) – ING Canada says that the shareholders of Equisure Financial Network have tendered more than 90% of the outstanding publicly held common shares following its offer with seven insurance brokers to acquire company. ING also says that it has received all regulatory approvals necessary to complete the acquisition.

According to Yves Brouillette, president and CEO of ING Canada, the acquisition of Equisure “will strengthen the already close partnership between ING, one of the leading property and casualty insurers in Canada, and the Canadian community of insurance brokers.”

Equisure Financial Network operates major regional brokerages throughout Canada that provide general insurance, life insurance, group insurance and other financial products and services. Equisure also owns Equisure Trust Company, Equisure Securities and South Western Insurance Group, as well as efni CONNECT and moneyramp.com.

ING and the seven insurance brokers intend to give notice to the shareholders who have not tendered their shares that they will acquire the remainder of the shares on the same terms as its offer. The offer, mailed on September 29, called for the acquisition of all the outstanding shares at a cash price of $7. The board of Equisure and a special committee of independent directors recommended that shareholders accept the offer.
-IE Staff