La Corporation Financière L'Excellence Takes Possession of 91.83% of the Shares held by Minority Shareholders of The Excellence Life Insurance Company
La Corporation Financière L’Excellence Ltée ("CFE"), a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., announced that it now holds 91.83% of the outstanding common shares of The Excellence Life Insurance Company (Excellence), which CFE did not already own ("shares") as part of the offer initiated on May 20, 2010 ("offer"), by paying the price stated in the offer of $5.00 per share tabled.
On June 30, CFE extended to 11:59 pm (Montreal time) on August 27, 2010 the expiration of its offer for all of these shares. Now that it holds more than 90% of the outstanding shares under the offer, CFE intends to acquire all of the remaining outstanding shares through a compulsory acquisition, once the offer expires. The remaining outstanding shares represent 0.16% of the capital stock issued by Excellence.
CFE acquired Excellence on January 31, 2008. Today, CFE holds 99.84% of the common shares of Excellence.
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 some $60 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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