CI Financial Deal Likely to Receive Shareholder Support, TD Says

MT Newswires Live20:50

CI Financial Corp. (CIX.TO) agreement to be acquired by Mubadala Capital for $32 per share will likely receive shareholder support and investors should tender to the offer, TD Securities said on Tuesday.

The Toronto-based financial services company announced the transaction valued at $4.9 Billion on Monday.

TD analyst Graham Ryding downgraded CI to Sell from Buy and raised his price target to $32 from $28, in line with the offer price.

"We view the offer as attractive," Ryding said in a note to clients. "We think this deal likely receives shareholder support."

"The offer price implies a 33% premium to the pre-announcement price, which follows on from CI's shares increasing 62% year to date (pre-announcement)."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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