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Matthias Knab, Opalesque: Canadian investment management company CI Financial Corp. is being privatized by Mubadala Capital - the alternative asset arm of a Middle Eastern sovereign wealth fund Mubadala Investment Company - in a deal that values Canada's largest independent asset manager at C$4.7 billion ($3.4 billion).
Following the closing of the transaction, CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital's other portfolio businesses.
According to a joint press release, all issued and outstanding shares of CI will be acquired for cash consideration equal to $32.00 per share, other than shares held by members of senior management who enter into equity rollover agreements as further detailed below.
The cash purchase price represents a 33% premium to the last closing price before the announcement of the transaction and a premium of 58% to the 60-day volume-weighted average trading price on the Toronto Stock Exchange.
CI's Board of Directors, with interested directors abstaining, is unanimously recommending that CI shareholders vote in favor of the transaction. The recommendation follows the unanimous recommendation of a special committee of the Board, comprised solely of independent directors, that was formed in connection with the transaction.
"This transaction, with its significant cash premium, represents an exceptional outcome for CI shareholders and provides certainty to share...................... To view our full article Click here
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