(October 2 – 18:10 ET) – Templeton Management Ltd. says that its subsidiary, FTI Acquisition Inc., has taken up and paid for 98.1% of the issued and outstanding shares of Bissett, pursuant to its original offer. Each Bissett common share tendered was purchased for $20.50.
Don Reed, president and CEO of TML stated, “Bissett, with its disciplined GARP (growth at a reasonable price) style, will play a critical role in our strategy to offer a wide variety of investment styles, in all major asset classes and through a range of purchasing options, to a broad range of Canadian investors.”
Templeton says it plans to offer Bissett funds through distribution channels in Canada, including the broker and advisor channels, by the end of 2000. At that time, unitholders in Franklin, Templeton, Bissett and Mutual Series funds will be able to exchange within the complete fund family.
“We are very pleased to continue offering our clients quality investment expertise and personalized service. We will work to sustain these high standards going forward,” said Kevin Wolfe, who will be continuing as president of Bissett Investment Management. “Combining our business with one of the largest proprietary investment management firms in the world will allow us to bring a broader range of investment management choices to our investors.”
-IE Staff