Amalgamation of Addenda Capital with a subsidiary of The Co-operators Group is complete
Apr 22, 2008
GUELPH, ON and MONTREAL, April 22 /CNW Telbec/ - The Co-operators Group Limited ("The Co-operators") and Addenda Capital Inc. ("Addenda") (TSX: ADV) are pleased to announce that the proposed amalgamation (the "Amalgamation") of Addenda with 9192-8192 Québec Inc. ("Newco"), a subsidiary of The Co-operators, has been completed today. The completion follows the approval of the Amalgamation by the shareholders of Addenda present or represented by proxy at the special meeting of Addenda shareholders held on April 17, 2008. The closing of the Amalgamation occurred today with effect as of 8:30 a.m. The common shares of Addenda are being delisted from the TSX effective at the close of business on April 23, 2008. In connection with the Amalgamation, all shareholders (other than Newco) will receive $26.50 in cash for each share of Addenda held immediately prior to the Amalgamation. Profile Based in Guelph, Ontario, The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co operators Group Limited is a 100% Canadian-owned co-operative with assets of more than $7 billion. Owned by a group of Canadian co-operatives, credit unions and like-minded organizations, The Co-operators is well known for its community involvement and is listed among the 50 Best Employers in Canada. Addenda is an investment management firm specializing in the active management of fixed-income portfolios, primarily for institutional clients. As at December 31, 2007, Addenda had assets under management of approximately $29.3 billion.
For further information: Leonard Sharman, Media Relations, The Co-operators, (519) 767-3925, x-2707; Michael White, President, Co-operators Investment, Counselling Limited, (519) 767-3077; Benoît Durocher, President and Chief Executive Officer, Addenda Capital Inc., (514) 287-7373