Mackenzie completes acquisition of Saxon Financial
On September 25, 2008, IGM Financial Inc. ("IGM") announced that an aggregate of 13,042,230 common shares of Saxon Financial Inc. ("Saxon"), which represents approximately 95.3% of the issued and outstanding Saxon shares, were validly tendered to the offer dated August 19, 2008 of IGM Financial to acquire all of the issued and outstanding common shares of Saxon. IGM Financial has given notice to the depositary to take-up all Saxon Shares tendered under the Offer. In payment for the Saxon common shares taken up, IGM Financial will pay C$21.00 per common share or approximately C$273,886,830 in cash.
As a result, IGM Financial announced that it will acquire the remaining Saxon common shares not already tendered under the compulsory acquisition procedures of the Business Corporations Act (Ontario). Saxon will continue operations as a part of Mackenzie Financial Corporation.
Saxon Financial, based in Toronto, was one of Canada's most respected value-style investment management firms, with approximately $13 billion in total assets under management as of August 6, 2008.
IGM Financial, based in Winnipeg, is one of Canada's premier personal financial services companies, and one of the country's largest managers and distributors of mutual funds and other managed asset products, with approximately $118 billion in total assets under management as of August 31 2008.