Business
Power Corporation and Power Financial Announce Completion of Reorganization and the Determination of the Final Offer Price for the Pre-Emptive Right
Power Corporation and Power Financial Announce Completion of Reorganization and the Determ...
About this update from Power Corporation Of Canada
[{"type":"text","content":"\n\n\n\nPower Corporation and Power Financial Announce Completion of Reorganization and the Determination of the Final Offer Price for the Pre-Emptive Right\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.prnsbbs{\nBORDER-BOTTOM:black 1pt solid\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTRÉAL, Feb. 13, 2020\n\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 \n MONTRÉAL, Feb. 13, 2020 /CNW Telbec/ - Power Corporation of Canada (\"Power Corporation\" or \"PCC\") (TSX: POW) and Power Financial Corporation (\"Power Financial\" or \"PFC\") (TSX: PWF) today announced the successful completion of the previously announced reorganization transaction (the \"Reorganization\") pursuant to which, among other things, PCC acquired all of the issued and outstanding common shares of PFC (\"PFC Common Shares\") held by holders of PFC Common Shares other than PCC and its wholly owned subsidiaries (the \"PFC Minority Shareholders\"). \nIn accordance with the terms of the Reorganization, each PFC Common Share held by PFC Minority Shareholders was exchanged for 1.05 subordinate voting shares of PCC (\"PCC Subordinate Voting Shares\") and $0.01 in cash. PCC has issued 250,628,173 PCC Subordinate Voting Shares under the Reorganization and, based on the closing price of the PCC Subordinate Voting Shares on the Toronto Stock Exchange (the \"TSX\") on February 12, 2020 of $34.66, the aggregate value of the consideration delivered to PFC Minority Shareholders pursuant to the Reorganization is approximately $8.7 billion.\nWith the completion of the Reorganization, it is anticipated that the PFC Common Shares ...