Scotiabank Completes Acquisition of DundeeWealth
TORONTO, February 1, 2011
Scotiabank announced today
that approximately 118 million common shares as well as all of the
special shares, series C and first preference shares, series X were
tendered to Scotiabank's offer (the "Offer") to acquire
DundeeWealth Inc. ("DundeeWealth"). The Offer expired at 12:01 a.m.
ET today.
"The completion of this transaction
brings the strengths of DundeeWealth and Scotiabank together," said
Chris Hodgson, Group Head, Scotiabank Global Wealth Management. "We
are committed to building on our individual strengths in serving
clients, providing value to our shareholders and offering employees
a great place to work. In the days ahead, we will be working
closely with David Goodman and the DundeeWealth team to provide a
seamless transition for our stakeholders."
Scotiabank has taken up and accepted
for payment all of the shares tendered. Payment to depositing
DundeeWealth shareholders will be made by the depositary as soon as
practicable. Scotiabank now owns approximately 120 million common
shares (representing 97.06% of the issued and outstanding common
shares) and all of the issued and outstanding special shares,
series C, special shares, series F and first preference shares,
series X. All of the special shares, series D were converted into
common shares prior to expiry of the Offer.
Scotiabank will acquire the remaining
common shares pursuant to the compulsory acquisition procedures of
theBusiness Corporations Act
(Ontario), as described in its take-over bid circular.
Upon the completion of such compulsory acquisition, Scotiabank will
apply to de-list the common shares from the Toronto Stock
Exchange.
"This is an exciting stepping stone
for DundeeWealth in our pursuit of international exposure, growth
and recognition," said David Goodman, President and CEO of
DundeeWealth. "By remaining focused on the same ambitions of
entrepreneurialism and independent thinking that have guided our
past, we move forward confidently into the future with the support
of a new partner. DundeeWealth's relationship with Scotiabank
offers our shareholders immediate value and a strong promise for
the future."
About Scotiabank
Scotiabank is one of North America's
premier financial institutions and Canada's most international
bank. With more than 70,000 employees, Scotiabank Group and its
affiliates serve some 18.6 million customers in more than 50
countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. With assets above $526 billion (as at October
31, 2010), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please
visitwww.scotiabank.com
About DundeeWealth
Inc.
DundeeWealth is a Canadian wealth
management company majority owned by Scotiabank.
With $83.3 billion in fee earning
assets under management, DundeeWealth provides diversified wealth
and investment management solutions which include alternative and
tax-advantaged products and advisory services to financial
advisors, institutions, corporations and foundations. It supports
innovative wealth management through a network of independent
financial advisors who operate under the DundeeWealth brand across
Canada. Its award winning family of select hedge funds and mutual
funds, Dynamic Funds®, managed by Goodman & Company, Investment
Counsel Ltd., is also available outside of Canada through
distribution platforms in Europe and the United States.
For further information,
please contact:
Kingsdale Shareholder Services
Inc.
Scotiabank
DundeeWealth
Robert Pattillo, Executive Vice-President, Marketing
and Communications (416)365-6466
Myra Reisler, Director, Public Affairs
(416) 365-5370
Peter Slan, Senior Vice President, Investor
Relations
(416) 933-1273
Ann DeRabbie, Director, Media Communications
(416) 933-1344416-867-2272 or
1-866-851-9601 (toll free in North America
only)contactus@kingsdaleshareholder.com
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