E-L Financial Corporation completes its substantial issuer bid
On September 28, 2022, E-L Financial Corporation Limited ("E-L Financial") announced the final results of its “modified Dutch auction” substantial issuer bid. E-L Financial took up and paid for a total of 103,626 common shares at a price of $965.00 per common share, representing an aggregate purchase amount of approximately $100,000,000 and 2.83% of the total number of E-L Financial’s issued and outstanding common shares before giving effect to the offer.
An aggregate of 105,361 common shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders. Since the bid was oversubscribed, shareholders who made auction tenders at or below the purchase price and purchase price tenders had approximately 98.29% of their successfully tendered common shares purchased by E-L Financial (other than "odd lot" tenders, which were not subject to proration).
E-L Financial, headquartered in Toronto, Ontario, is an investment and insurance holding company.
McCarthy Tétrault advised E-L Financial with a team led by Andrew Parker that included Karen Luu, Lama Kahiel, Daryna Kutsyna, Angela Lizotte (Business), Stefanie Morand, and Dean Xiao (Tax).
