QUEBEC CITY, Dec. 3 /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) jointly announce that today, under a compulsory acquisition under section 51 of the Companies Act (Quebec), CFE acquired 4,187 shares of Excellence. These shares represent the remaining 0.047% of outstanding shares of Excellence. The compulsory acquisition follows the offer initiated by CFE on May 20, 2010 and which expired on August 27, 2010 to obtain all Excellence shares that CFE did not already own.
The purchase price of each common share of Excellence under the terms of the offer and the compulsory acquisition was $5.00 payable in cash according to the terms and conditions of the offer.
Following this compulsory acquisition, CFE now controls 100% of the issued and outstanding common shares of Excellence, which will ask the Autorité des marchés financiers to revoke its status of reporting issuer.
Founded in 1962, The Excellence Life Insurance Company develops and distributes life and health insurance products for individuals, businesses and professional associations. It offers a wide range of life, short- and long-term disability, prescription drug and supplemental health insurance products. The company primarily distributes its products in Quebec through independent brokers and authorized agents working with 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 $64 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.
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