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Power Corporation Announces Final Results of Substantial Issuer Bid
Power Corporation Announces Final Results of Substantial Issuer Bid Canada NewsWir...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nPower Corporation Announces Final Results of Substantial Issuer Bid\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, April 17, 2019\n\n\n\nReaders are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars.\n MONTRÉAL, April 17, 2019 /CNW Telbec/ - Power Corporation of Canada (the \"Corporation\" or \"PCC\") (TSX: POW) today announced that, under the Corporation's substantial issuer bid (the \"PCC Offer\"), it has taken up and is purchasing for cancellation 40,909,041 of its subordinate voting shares (\"Shares\") at a purchase price of $33.00 per Share representing $1.35 billion of its subordinate voting shares.\nGreat-West Lifeco Inc. (\"Great-West\") (TSX: GWO), a subsidiary of Power Financial Corporation (\"Power Financial\" or \"PFC\") (TSX: PWF), itself a subsidiary of Power Corporation, announced today that, under Great-West's substantial issuer bid, it will take up and purchase for cancellation 59,700,974 of its common shares at a purchase price of $33.50 per common share.\nPower Financial announced today that it has taken up and is purchasing for cancellation 49,999,973 of its common shares at a purchase price of $33.00 per common share of Power Financial (the \"PFC Shares\"). The Corporation supported Power Financial through its participation in the Power Financial substantial issuer bid (the \"PFC Offer\") by tendering a significant portion of its PFC Shares on a proportionate basis and all remaining tendered PFC Shares on a non-proportionate basis. The Corporation will fund its Offer using the proceeds from the Corporation's participation in the PFC Offer.\nPrior to the announcement of the PFC Offer, the Corporation beneficially owned and exercised control over 467,839,296 PFC Shares, representing approximately 65.5% of the issued and outstanding PFC Shares, on a non-diluted basis. As a result of the PFC Offer, the Corporation will beneficially own and exercise control over 425,402,926 PFC Shares, or approximately 64.1% of the issued and outs...