CI Financial bows out of bidding for Clarington
Last Updated: Monday, December 12, 2005 | 1:36 PM ET
CBC News
In a one-paragraph statement, CI (TSX:CIX) said "it no longer intends to make an offer to acquire the outstanding common shares of Clarington Corporation."
CI launched a unsolicited $13-per-share takeover bid for Clarington (TSX:CFI) on Oct. 31, only to be trumped by a sweeter offer from white knight Industrial Alliance Insurance and Financial Services Inc.
- FROM OCT. 31, 2005: CI Financial in $254M bid for Clarington Corp.
- FROM NOV. 7, 2005: Industrial Alliance beats CI bid for Clarington
CI subsequently boosted its offer again, only to be topped by Industrial Alliance (TSX:IAG) with a $15-per-share offer on Dec. 2.
- FROM NOV. 14, 2005: CI Financial sweetens offer for Clarington
The bidding culminated on Dec. 7, when Clarington reconfirmed its support of Industrial Alliance and recommended that its shareholders accept its suitor's offer.
On the TSX, CI shares fell 40 cents to $25, while Clarington dropped a dime to $14.95. Industrial Alliance rose 3 cents to finish at $28.20.
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