CI Fund Management offered to acquire all outstanding shares of Mackenzie Financial Corp. for C$28.25 (US$18.45) a share, totaling about C$3.9 billion, according to Murray Oxby, CI spokesman. "It is not a done deal, Mr. Oxby said. "It has not been accepted by Mackenzie. Its shareholders have to approve the deal.
If accepted, the transaction would create Canadas largest mutual fund company, with about C$68 billion in assets under management. About C$10 billion of the total assets are in institutional accounts and non-Canadian mutual funds managed by CI, according to Mr. Oxby. The new firm would retain the Mackenzie name as a CI subsidiary.