Industrial Alliance takes Excellence private

Industrial Alliance has extended its acquisition streak, buying up almost all of the outstanding common shares of The Excellence Life Insurance Company. The acquisition was through its wholly-owned subsidiary, La Corporation Financière L’Excellence Ltée. (CFE).

So far, minority shareholders of Excellence have tendered 91.83% of their shares at a price of $5.00 per share. The offer was first announced on May 20, 2010. The deadline for tendering shares for the offer is August 27, 2010, by 11:59 pm Montreal time.

As of today, CFE holds 99.84% of the common shares of Excellence. That control will allow CFE to acquire all of the remaining outstanding shares through a compulsory acquisition, once the deadline expires.

The Excellence Life Insurance Company was founded in 1962 and develops and distributes life and health insurance products for individuals, businesses and professional associations.

The company primarily distributes its products — a range of life, short- and long-term disability, prescription drug and supplemental health insurance products — in Quebec through independent brokers and authorized agents working with professional associations.

(08/16/10)