TORONTO, March 28 /CNW/ - ING Canada (TSX:IIC) announced today that all
conditions of its substantial issuer bid to repurchase up to $500 million of
its common shares have been satisfied and that it has taken up C$500 million
worth of common shares at a price of C$54.00 per share. The shares taken up
represent approximately 6.9% of the common shares currently outstanding.
Shareholders had the opportunity under the terms of the bid to tender
shares until 5:00 p.m. ET on March 27, 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.
The auction process was oversubscribed. As a result, shareholders who
made an auction tender at a price at or below $54.00 will have 79.240588% of
their shares purchased by ING Canada. However, under the terms of the bid, odd
lots submitted at those prices will be purchased in their totality.
The ownership of the shares not purchased by ING Canada will not be
affected by the transaction and will continue to be reflected in the CDSX book
Payment and settlement will be effected by CDS in accordance with its
settlement procedures commencing on or about March 30, 2007.
ING Groep, the principal shareholder of ING Canada, participated in the
issuer bid by making a proportionate tender. As a result, it will 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: email@example.com;
Investor enquiries: Brian Lynch, Director, Investor Relations, (416) 941-5181,