CI Financial Corp. (TSX: CIX) has recently made an important announcement regarding a change in its substantial issuer bid (the “Offer”). The corporation has mailed a notice of variation and extension in connection with its initial intention to vary the terms of the Offer. This variation includes an increase in the price to $18.25 per common share, resulting in a total value of up to $91.25 million. Additionally, to comply with applicable U.S. securities laws, the expiry date of the Offer has been extended to 5:00 p.m. (Toronto time) on October 3, 2024, or a later date determined by CI Financial. Shareholders are encouraged to carefully review all information in the Offer, seek advice from their financial, legal, investment, and tax advisors, and make informed decisions on whether to deposit their shares under the Offer.
The Notice regarding the variation and extension of the Offer is available free of charge on the System for Electronic Data Analysis and Retrieval + (“SEDAR+”) website under the Corporation’s profile at www.sedarplus.com. It is essential for shareholders to thoroughly evaluate the Offer and its terms before making any decisions.
It is crucial to note that the information provided in this press release is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell shares. Any solicitation and offer to buy shares will be conducted in accordance with the formal offer to purchase and issuer bid circular and other related documents (collectively known as the “Offer Documents”).
CI Financial Corp. is a diversified global asset and wealth management company that primarily operates in Canada, the United States, and Australia. Established in 1965, CI Financial has built a reputation for its world-class portfolio management talent, extensive wealth planning capabilities, and a broad product suite. The company currently manages and advises on approximately $509.2 billion in client assets as of August 31, 2024. CI Financial operates in three main segments: Asset Management, Canadian Wealth Management, and U.S. Wealth Management.
The Asset Management segment includes CI Global Asset Management in Canada and GSFM in Australia. The Canadian Wealth Management segment comprises operations such as CI Assante Wealth Management, Aligned Capital Partners, CI Private Wealth, Northwood Family Office, Coriel Capital, CI Direct Investing, and CI Investment Services. The U.S. Wealth Management segment includes Corient Private Wealth, an integrated wealth management firm serving ultra-high-net-worth and high-net-worth clients across the United States.
Headquartered in Toronto and listed on the Toronto Stock Exchange (TSX: CIX), CI Financial is committed to providing comprehensive wealth management solutions to its clients. To learn more about CI Financial, visit the company’s website or LinkedIn page.
This press release contains forward-looking information in compliance with Canadian securities laws. Forward-looking information may pertain to future outlook, anticipated events, or results, including details about the company’s financial position, business strategy, growth strategy, operations, financial results, taxes, dividend policy, plans, and objectives. The information provided in this press release reflects management’s expectations, estimates, and assumptions based on historical trends, current conditions, and anticipated future developments. However, there is no guarantee that these opinions, estimates, and assumptions will prove to be accurate.
Factors such as general economic and market conditions, interest and foreign exchange rates, global financial markets, changes in government regulations or tax laws, industry competition, technological advancements, and other variables can impact actual results. CI Financial’s business and material risk factors are outlined in the company’s disclosure materials filed with applicable securities regulatory authorities. It is important to note that forward-looking information is subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied.
In conclusion, CI Financial’s announcement of the variation and extension of its substantial issuer bid signifies the company’s commitment to providing value to its shareholders and adapting to changing market conditions. Shareholders are advised to carefully consider the Offer and seek professional advice before taking any action. CI Financial remains dedicated to delivering exceptional asset and wealth management services to its clients across international markets.