Mouvement Desjardins to buy outstanding shares of DLFC

(August 2 – 15:40 ET) – La Confédération des caisses populaires et d’économie Desjardins du Québec (Confédération) says it intends to make offers to acquire all of the outstanding Class A subordinate shares and Class B shares of Desjardins Laurentian Financial Corporation that it and its affiliates do not already own. Confédération is offering $23.50 a share payable in cash, in deal worth approximately $180 million.

Confédération says the offers will take the form of a take-over bid which will be conditional upon at least 90% of the outstanding Class A subordinate shares and Class B shares of DLFC, excluding shares owned or controlled by Confédération, being deposited under the offers. Confédération holds, directly and indirectly 32,150,202 Class B shares of DLFC, representing approximately 99.9 % of the Class B shares and approximately 80.5% of all outstanding Class A subordinate shares and Class B shares.