(October 10 – 14:40 ET) – True North Capital Corporation has announced its intent to make a securities exchange take-over bid for all of the outstanding common shares of Canadian First Financial Group Inc. The exchange will involve a ratio of one True North subordinate voting share and 0.25 of a subordinate voting share purchase warrant for each Canadian First common share tendered to the offer.
True North is an investment holding company with holdngs and affiliates that currently own or control 18.8% of the outstanding Canadian First common shares. It plans to broaden its investment interests in the financial services sector and become a financial services holding company engaged in banking, trust and investment management services through its investee companies.
True North’s offer is expected to be mailed to Canadian First shareholders by the beginning of November and be open for acceptance for approximately four months, subject to extension.
The offer will be conditional on Canadian First shareholders holding at least a third of the Canadian First common shares, including those common shares already owned or controlled by True North and its affiliates and associates.
-IE Staff