First Marathon repels takeover bid
Article Abstract:
First Marathon Inc has rejected a takeover bid by the National Bank of Canada. Investment dealers and sources from both banks indicated that the price offer and the possibility of differences in corporate cultures were among the reasons why First Marathon turned down National Bank's offer. First Marathon vp Michael Walsh said they would pursue mergers and other opportunities. National Bank officials said they plan to expand and that they have a budget of $1 billion for acquisitions.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Insurance firm sues Ernst & Young
Article Abstract:
Kingsway Financial Services Inc, an automobile insurance firm in Mississauga, Quebec, is suing Ernst and Young LLP's Quebec branch for issuing an unreliable audit. Kingsway, which is claiming C$21.3 mil in damages, said that the accounting firm's false audit of Jevco Insurance Co prior to its purchase led to the expenditure of C$22.5 mil to satisfy government regulators. Ernst and Young is being accused of understating Jevco's liabilities and overstating its shareholder equity.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Comment about this article or add new information about this topic:
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