QUEBEC CITY, June 30 /CNW Telbec/ - La Corporation Financière L'Excellence Ltée ("CFE"), a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., announced today that it was extending to 11:59 pm (Montreal time) on August 27, 2010 the expiration of its May 20, 2010 offer ("offer") to buy all outstanding common shares of The Excellence Life Insurance Company ("Excellence") which CFE does not already own ("shares"). The offer's initial expiration time was set for 11:59 pm (Montreal time) on June 29, 2010. A formal notice of extension of CFE's offer will be mailed to Excellence shareholders today.
CFE reported that 124,621 shares, or about 69.11% of shares not already held by CFE, had been filed in response to the offer at the time of the initial expiration (June 29, 2010). After taking delivery of shares tendered under the offer, and after paying for these common shares, CFE will hold 8,942,802 shares, corresponding to about 99.38% of all issued and outstanding Excellence shares.
In its June 4, 2010 circular, the board of directors, in accordance with the recommendation by an independent committee, unanimously recommended that Excellence's shareholders accept the offer, which was considered fair for shareholders in financial terms and in the best interest of Excellence and its shareholders, other than 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 to professional associations through independent brokers and authorized agents.
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, Office: 418 684-5275, cell: 418 576-3624, Email: email@example.com