CI Financial Takeover Multiple Seen on Low Side But Deal Expected to Close -- Market Talk

Dow Jones00:41

1141 ET - The takeover price for CI Financial reflects a low multiple for one of Canada's largest independent asset managers and a fast-growing U.S. business, but since the deal with an affiliate of Mubadala Capital is friendly and will see equity held by the board and management roll over it is expected to close, Raymond James' Stephen Boland says. CI shareholders will receive C$32 cash a share, a 33% premium to last Friday's closing price. Boland notes the take-private deal avoids future changes to CI's structure and leaves its leadership team intact. The analysts adds it has been three years since CI's stock traded above C$30, so the price should satisfy shareholders and insiders that may have some fatigue. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

November 25, 2024 11:41 ET (16:41 GMT)

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Boland notes the take-private deal avoids future changes to CI's structure and leaves its leadership team intact. The analysts adds it has been three years since CI's stock traded above C$30, so the price should satisfy shareholders and insiders that may have some fatigue. 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