QUEBEC CITY, May 21 /CNW Telbec/ - La Corporation Financière L'Excellence Ltée ("CFE"), a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., and The Excellence Life Insurance Company ("Excellence") announce that CFE is making an offer to all minority shareholders of Excellence to acquire all outstanding common shares that they hold, in return for an amount payable in cash of $5.00 per common share. The transaction will be financed through CFE's cash on hand. The offer is not conditional on the tabling of a minimum number of shares or on any financing condition.
CFE acquired Excellence on January 31, 2008. It currently holds approximately 98% of Excellence's issued and outstanding common shares. Today's offer by CFE is intended for the 225 shareholders registered in Excellence's records who hold approximately 2% of Excellence's outstanding common shares.
The offer was unanimously approved by the CFE board of directors and supported by the Excellence board of directors on recommendation by its independent committee. On Tuesday, May 25, 2010, CFE will mail its offer and take-over bid circular to the 225 Excellence minority shareholders. The Excellence director's circular with the unanimous recommendation by the Excellence board of directors to accept the CFE offer will be mailed to Excellence shareholders within the prescribed time.
The offer will expire at 11:59 pm (Montreal time) on June 29, 2010, unless it is extended or withdrawn by CFE.
Created in 1962, The Excellence Life Insurance Company is a life and health insurance company that specializes in the manufacturing and distribution of life and health insurance products for individuals, companies and professional associations. It offers a broad range of life, short- and long-term disability, prescription drug and individual and group supplemental health insurance. The company primarily distributes its products in Quebec through independent brokers and authorized agents to professional associations.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations in all regions of Canada, as well as in the United States. Industrial Alliance contributes to the financial wellbeing of over three million Canadians, employs more than 3,500 people and manages and administers over $60 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
SOURCE Industrial Alliance Insurance and Financial Services Inc.
For further information: For further information: Jacques Carrière, Vice-President, Investor Relations, (418) 684-5275, cellular: (418) 576-3624, firstname.lastname@example.org