Desjardins’ acquisition of Western Financial Group gets regulatory approval
The acquisition of Western Financial Group Inc. by Desjardins Financial Group has been approved by the Minister of Finance and the Canadian Competition Bureau. Quebec-based Desjardins announced the $443 million deal in December 2010.
Desjardins has satisfied all regulatory conditions regarding its offers to acquire all of the issued and outstanding common shares, First Preferred Shares, Series Three and First Preferred Shares, Series Four of Western (together, the “Offers”).
Also, as required under the terms of the Offers, Western completed the sale of all its interest in Jennings Capital Inc.
Subject to the fulfillment or waiver of all other conditions set out in the take-over bid circular dated January 21, 2011, as amended on February 28, 2011 and March 21, 2011, Desjardins intends to take up and pay for shares tendered to the Offers on April 15, 2011.
Desjardins notes that the Board of Directors of Western has recommended that holders of its common shares tender to the common share offer and encourages shareholders to do so in advance of the expiry date on April 15, 2011.
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