Bloomberg News

CI Financial Shareholders Adopt Extension of Poison Pill Plan

June 01, 2011

June 1 (Bloomberg) -- CI Financial Corp. shareholders agreed to extend the terms of a shareholder rights plan that would discourage hostile takeover bids.

Shareholders voted in favor to extend the so-called poison pill until 2014, CI said at its annual meeting today in Toronto.

CI was involved in a dispute over the rights plan with its largest shareholder, Bank of Nova Scotia. The Ontario Securities Commission, Canada’s main stock-market regulator, ruled last week that the Toronto-based lender didn’t qualify as an “independent” shareholder and couldn’t vote on the plan.

Scotiabank, Canada’s third-largest bank by assets, purchased about 36 percent of CI Financial in 2008 from Sun Life Financial Inc. for C$2.3 billion.

--Editor: David Scanlan

To contact the reporters on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net; Doug Alexander in Toronto at dalexander3@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net; David Scheer at dscheer@bloomberg.net.


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