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Mutual Fund News

Clarington urges approval for Industrial Alliance offer

Clarington Corp.'s board of directors yesterday urged investors to accept Industrial Alliance group's offer of $15 a share for the Toronto mutual fund company. In a Dec. 6 circular, the Clarington board said an independent adviser considers the offer "fair from a financial point of view" and represents a 87.5-per-cent premium over the closing price of Clarington shares on Oct. 28. Three days later, CI Financial Inc. made a hostile bid of $13 a share for Clarington, sparking a bidding war with Industrial Alliance Insurance and Financial Services Inc. CI will take the next few weeks to consider if it will top Industrial Alliance's bid, set to expire on Dec. 28. CFI (TSX) rose 1 cent to $15.06. IAG (TSX) rose 52 cents to $28.10. CIX (TSX) rose 24 cents to $24.25.

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