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TD Bank Financial Group acquires VFC for US$326 million

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Sprott Securities

TD Bank Financial Group has acquired VFC Inc., one of the largest Canadian-owned indirect consumer finance companies in Canada, for $326 million. VFC's focus is on non-prime automotive purchase financing and, through its network of more than 2,000 pre-qualified automobile dealers, VFC provides credit to borrowers using a Web-based technology that provides for efficient financing decisions. The potential deal was announced on February 16, 2006 and the offer made on March 13. On April 19, TD Bank Financial Group announced that it would take over VFC after over 90 per cent of the company's shareholders accepted its $19.50 per share offer. Following compulsory-acquisition rules, the bank now will scoop up the remaining shares and take the company private. Bill Orr and Geoff Clarke advised Sprott Securities Inc., the independent financial advisor to the special committee of the board of directors of VFC Inc. Sprott provided VFC with analysis and a fairness opinion regarding TD Bank Financial Group's offer.



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