TORONTO, Feb. 1 /CNW/ - Scotiabank announced today that approximately
118 million common shares as well as all of the special shares, series
C and first preference shares, series X were tendered to Scotiabank's
offer (the "Offer") to acquire DundeeWealth Inc. ("DundeeWealth"). The
Offer expired at 12:01 a.m. ET today.
"The completion of this transaction brings the strengths of DundeeWealth
and Scotiabank together," said Chris Hodgson, Group Head, Scotiabank
Global Wealth Management. "We are committed to building on our
individual strengths in serving clients, providing value to our
shareholders and offering employees a great place to work. In the days
ahead, we will be working closely with David Goodman and the
DundeeWealth team to provide a seamless transition for our
Scotiabank has taken up and accepted for payment all of the shares
tendered. Payment to depositing DundeeWealth shareholders will be made
by the depositary as soon as practicable. Scotiabank now owns
approximately 120 million common shares (representing 97.06% of the
issued and outstanding common shares) and all of the issued and
outstanding special shares, series C, special shares, series F and
first preference shares, series X. All of the special shares, series D
were converted into common shares prior to expiry of the Offer.
Scotiabank will acquire the remaining common shares pursuant to the
compulsory acquisition procedures of the Business Corporations Act (Ontario), as described in its take-over bid circular. Upon the
completion of such compulsory acquisition, Scotiabank will apply to
de-list the common shares from the Toronto Stock Exchange.
"This is an exciting stepping stone for DundeeWealth in our pursuit of
international exposure, growth and recognition," said David Goodman,
President and CEO of DundeeWealth. "By remaining focused on the same
ambitions of entrepreneurialism and independent thinking that have
guided our past, we move forward confidently into the future with the
support of a new partner. DundeeWealth's relationship with Scotiabank
offers our shareholders immediate value and a strong promise for the
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 70,000 employees,
Scotiabank Group and its affiliates serve some 18.6 million customers
in more than 50 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $526 billion (as at
October 31, 2010), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
About DundeeWealth Inc.
DundeeWealth is a Canadian wealth management company majority owned by
Scotiabank. With $83.3 billion in fee earning assets under management,
DundeeWealth provides diversified wealth and investment management
solutions which include alternative and tax-advantaged products and
advisory services to financial advisors, institutions, corporations and
foundations. It supports innovative wealth management through a network
of independent financial advisors who operate under the DundeeWealth
brand across Canada. Its award winning family of select hedge funds and
mutual funds, Dynamic Funds®, managed by Goodman & Company, Investment
Counsel Ltd., is also available outside of Canada through distribution
platforms in Europe and the United States.
For further information:
Kingsdale Shareholder Services Inc.
416-867-2272 or 1-866-851-9601 (toll free in North America only)
Peter Slan, Senior Vice President, Investor Relations
Ann DeRabbie, Director, Media Communications
Robert Pattillo, Executive Vice-President, Marketing and Communications
Myra Reisler, Director, Public Affairs