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Intact Financial Corporation Announces Agreement with Cornerstone Investors to Finance a Portion of the Purchase Price of the Possible Offer for RSA Insurance Group PLC ("RSA")
Intact Financial Corporation Announces Agreement with Cornerstone Investors to Finance a ...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Announces Agreement with Cornerstone Investors to Finance a Portion of the Purchase Price of the Possible Offer for RSA Insurance Group PLC (\"RSA\")\n \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 Canada NewsWire\n \n \n TORONTO, Nov. 12, 2020\n \n \n \n \n \n TORONTO\n \n ,\n \n Nov. 12, 2020\n \n /CNW/ - Further to the announcement on\n \n November 5, 2020\n \n relating to the possible offer for RSA by Intact Financial Corporation (TSX: IFC) (\"Intact\" or the \"Company\") and Tryg A/S (\"Tryg\") (together the \"Consortium\"), Intact announced today that it has entered into subscription agreements with subsidiaries of each of Caisse de dépôt et placement du Québec (\"CDPQ\"), Canada Pension Plan Investment Board (\"CPP Investments\") and Ontario Teachers' Pension Plan Board (\"Ontario Teachers'\") for the aggregate issuance of 23.8 million subscription receipts at a price of\n \n $134.50\n \n per subscription receipt for gross proceeds of\n \n $3.2 billion\n \n . CDPQ, CPP Investments, and Ontario Teachers' are committing\n \n $1.5 billion\n \n ,\n \n $1.2 billion\n \n , and\n \n $0.5 billion\n \n , respectively. Completion of the offering is conditional upon the Consortium announcing a firm offer for RSA. Additional information on the proposed transaction is available at Intact's website at\n \n https://www.intactfc.com/English/investors/\n \n .\n \n \n Each subscription receipt will entitle the holder to receive one common share of Intact as well as a commitment fee upon closing of the acquisition of RSA. The completion of the offering is subject to approval of the Toronto Stock Exchange and other customary closing conditions.\n \n \n The subscription receipts and the common shares of Intact have not been, and will not be, registered under the U.S. Securities Act, or the securities laws of any state of\n \n the United States\n \n and may not be offered, sold or delivered, directly or indirectly, within\n \n the United States\n \n , except in certain transactions exempt from, or not subject to, the r...