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.

Asset sales & divestitures, Acquisitions & mergers, Credit Unions, Nondepository Credit Intermediation, Nonbank Credit Institutions, Financial institutions, Surrey Metro Savings

---

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.

Sales, profits & dividends, Consumer Lending, Consumer Finance Institutions, Consumer finance companies, Newcourt Credit Group Inc.

---

Similar abstracts:

• Abstracts: Newcourt raises $400-million (U.S.). Bay Street's Newcourt infatuation continues. Bonuses at Newcourt almost double
• Abstracts: Newcourt lands U.K. financing deal. Deutsche talks boost Newcourt stock. Royal buys Credit Suisse business
• Abstracts: Bow Valley finds new partner for controversial project. Canadian 88 investors get Prize dividend. Ranger Oil plans asset sale to reduce debt, layoffs revealed
• Abstracts: Barrington board urges investors to reject bid. Shaw seeks CRTC blessing to take control of WIC
• Abstracts: Bell unveils long-distance plan for companies. BCT.Telus to challenge Bell with new network

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.