(February 26 – 13:25 ET) – Mackenzie Financial Corp. has mailed to shareholders its directors’ circular. The circular contains the unanimous recommendation of Mackenzie’s directors to accept the takeover bid by Investors Group Inc. for all of the issued and outstanding Mackenzie common shares.
IG has offered to purchase all of issued and outstanding common shares for a consideration of
- $30 in cash;
- 1.2 Investors Group common shares; or
- a combination of cash and Investors Group common shares, subject in each case to election and prorating.
An aggregate of $3,180,572,319 in cash and an aggregate of 38,720,011 Investors Group common shares is available under the offer. That offer is conditional upon, among other things, the tendering of at least 66 2/3% of the Mackenzie common shares (on a fully diluted basis).
“This is a very attractive offer for our shareholders. Investors Group has an outstanding record of delivering increases in shareholder value over the long term,” said Jim Hunter, president and CEO of Mackenzie. “The strategic partnership within the Power Financial family will enable Mackenzie to maintain independent operations and pursue more comprehensive services and products to support independent financial advisors and their clients across Canada.”
-IE Staff