The members of an independent committee today advised the board of Trilon Financial Corpd that they unanimously recommend that company shareholders tender their shares to the offer by Brascan Corp.

Brascan is offering $17 for each Trilon common share in a mix of cash and stock. The maximum aggregate cash payment is $388 million. Having received the report of the committee, the board also recommends that the shareholders tender their shares to the offer.

The independent committee retained the services of Osler, Hoskin & Harcourt LLP as legal counsel and TD Securities Inc. to provide financial advice, a valuation and fairness opinion on the deal. The valuation sets out a range of fair market values for Trilon’s shares between $15.65 and $17.45 per share. TDSI also said that in its opinion the consideration offered by the proposed transaction is fair, from a financial point of view, to the minority shareholders of Trilon.

Trilon previously announced that an annual and special meeting of shareholders would be held on April 23. In light of the merger proposal, it has determined to postpone the annual and special meeting until May 21.