(Bloomberg) -- National Bank of Canada is raising an additional C$20 million ($15 million) in connection with its planned acquisition of Canadian Western...
-- National Bank of Canada is raising an additional C$20 million in connection with its planned acquisition of Canadian Western Bank , according to people familiar with the matter.Trump Security Tightened on Iran Plot Intelligence, No Known Link to Rally ShootingThe Montreal-based lender struck a deal last month to buy Canadian Western in an all-stock transaction valued at C$5 billion at the time.
“Demand for the initial offering was stronger than expected,” National Bank spokesperson Alexandre Guay said by email on Tuesday. He didn’t comment on the specifics but said that the bank has previously indicated that it granted underwriters, as well as the Caisse, an over-allotment option which they could choose to exercise.National’s stock price tumbled below C$110 the day after the CWB deal was announced and below C$107 by the end of that week. It has since bounced back and closed at C$111.
The syndicate of underwriters includes all of Canada’s Big Six banks and a number of other financial institutions including Barclays Plc. Canadian Imperial Bank of Commerce “participated in the structuring and pricing of the offering” as lead, according to a regulatory filing by National Bank.TFSA Investors: 3 Dividend Stocks I’d Buy and Hold Forever
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