Canada Trust bids for credit union
Article Abstract:
Canada Trust has launched its bid to acquire Surrey Metro Savings, the only publicly traded credit union in Canada, for C$121 million in cash. Under the proposal, Canada Trust will pay C$24 a share to Surrey Metro stockholders or a 60% premium over the preannouncement price of C$15 a share. The deal requires the approval of two-thirds of votes cast by customers and shareholders of Surrey Metro Savings, as well as the approval by the government of British Columbia and different federal agencies.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Investors flee Newcourt stock
Article Abstract:
Commercial finance company Newcourt Credit Group Inc of Toronto, Ontario, has reported proforma profits of C$294.4 million or C$2.04 on revenue of C$1.5 billion in 1998, up by 54.8% and 27%, respectively from 1997. However, investors shaved off $1.35 billion from the company's market value as its shares declined by 16.7% to $45.50 on Feb 8, 1999. The investors were spooked by the news that Newcourt walked away from talks to acquire the Deutche Bank's Deutsche Financial Services unit.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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