TORONTO, March 27 /CNW/ - ING Canada (TSX:IIC) announced today the
results of its substantial issuer bid to purchase for cancellation up to
C$500 million of its common shares, which expired at 5:00 p.m. (Toronto time)
More than C$500 million worth of common shares were tendered to the bid.
Since the auction process was oversubscribed, the Company has determined that,
in accordance with the terms of the bid, it expects to take up approximately
9.3 million shares at a purchase price of C$54.00 per share. These shares
represent 6.9% of the common shares currently outstanding. After giving effect
to the planned repurchase, the number of common shares outstanding will amount
to approximately 124.5 million.
Under the terms of the bid, shareholders had the opportunity to tender
shares, through a Dutch auction process, at a price of their choice between
$51.00 and $59.00. Alternatively, they could make a proportionate tender that
would allow them to maintain their proportionate share ownership. ING Groep,
the principal shareholder of ING Canada, participated in the issuer bid by
making a proportionate tender and is expected to maintain its equity
participation at 70%.
About ING Canada
ING Canada is the largest provider of property and casualty insurance in
the country offering automobile, property and liability insurance to
individuals and businesses through its insurance subsidiaries.
For further information:
For further information: Media enquiries: Gilles Gratton - Director,
Corporate Communications, (416) 217-7206, Email: firstname.lastname@example.org;
Investor enquiries: Brian Lynch - Director, Investor Relations, (416)
941-5181, Email: email@example.com