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Industrial Alliance acquires remaining minority stake in L'Excellence Life Insurance

Fasken
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Overview

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Industrial Alliance Insurance and Financial Services Inc.

On August 31, 2010, Corporation Financière L'Excellence Ltée ("CFE"), a wholly-owned subsidiary of Industrial Alliance Insurance and Financial Services Inc., announced that it held 97.11% of the outstanding common shares of The Excellence Life Insurance Company (Excellence), which CFE did not already own as part of the offer initiated on May 20, 2010 and terminated on August 27, 2010. CFE intends to acquire all of the remaining outstanding shares through a compulsory acquisition. The remaining outstanding shares represent 0.06% of the capital stock issued by Excellence. CFE acquired Excellence on January 31, 2008. As of a result of this latest transaction, CFE holds 99.94% of the common shares of Excellence. Industrial Alliance was advised in this transaction by Jean G. Morency of Fasken Martineau.

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