Ci Financial Corp. (TSE:CIX) has released an update.
CI Financial Corp. has successfully completed a substantial issuer bid, repurchasing approximately 3.11% of its outstanding common shares for $85 million, at $17.50 per share. The offer was well-received, with shareholders tendering over three times the number of shares bought back, resulting in a proportional distribution of repurchased shares. The transaction, which may have tax implications as a deemed dividend for Canadian shareholders, reinforces CI Financial’s commitment to enhancing shareholder value.
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