La Financiere L'Excellence Ltee (CFE), a wholly-owned subsidiary of Canada-based Industrial Alliance Insurance and Financial Services is making an offer to all minority shareholders of The Excellence Life Insurance to acquire all outstanding common shares that they hold, in return for an amount payable in cash of $5.00 per common share.
CFE acquired Excellence on January 31, 2008. It currently holds approximately 98% of Excellence’s issued and outstanding common shares. The offer by CFE is intended for the 225 shareholders registered in Excellence’s records who hold approximately 2% of Excellence’s outstanding common shares.
The offer was approved by the CFE board of directors and supported by the Excellence board of directors on recommendation by its independent committee. Moreover, the transaction will be financed through CFE’s cash on hand.