201. National Bank to Raise More Equity for CWB Deal After Shares Recover.
- Author
-
Dobby, Christine and Morgan, Geoffrey
- Subjects
BANK notes ,SHORT selling (Securities) ,STOCKS (Finance) - Abstract
The National Bank of Canada is raising an additional C$20 million in connection with its planned acquisition of Canadian Western Bank. This comes after the bank struck a deal last month to buy Canadian Western in an all-stock transaction valued at C$5 billion. The bank initially issued C$1 billion of new equity, with half of that coming through a private placement with pension manager Caisse de Depot et Placement du Quebec. Now, National Bank is planning to sell an additional 178,000 subscription receipts at the same price. The stock price has since recovered after initially dropping when the CWB deal was announced. The syndicate of underwriters includes all of Canada's Big Six banks and other financial institutions. [Extracted from the article]
- Published
- 2024