Bank of Nova Scotia - Further re Acquisition
August 18 1997 - 9:04AM
UK Regulatory
RNS No 8384a
BANK OF NOVA SCOTIA
18th August 1997
SCOTIABANK COMPLETES ACQUISITION OF NATIONAL TRUSTCO INC.
TORONTO, Aug 15/CNW/ - Scotiabank announced today that it has taken up and paid
for all National Trustco shares properly tendered under the offer which expired
at midnight on Monday, August 11, 1997. The Bank now owns 98.4% of all common
shares of National Trustco Inc. and is in the process of acquiring the balance.
"This marks the completion of a very important strategic initiative for
Scotiabank," said Bruce Birmingham, President, Scotiabank. "We are acquiring a
strong partner with a great team of people and, together, we will have a
stronger presence in many major markets across the country. We will have the
opportunity to serve many new customers and the chance to provide them with a
broader range of services.
"Our collective ability to retain and build business through the integration
process will be the key to making this acquisition a success," Birmingham
continued. "We look forward to working with our National Trust partners over
the next year to develop a carefully considered integration plan - one which
focuses on preserving employment and providing customers with greater
convenience and ongoing personalised service."
"National Trust employees are looking forward to an exciting future, working
with Scotiabank to broaden the range of products and services we are able to
offer customers," said Paul Cantor, Chief Executive Officer of National Trust.
"Scotiabank's strong, national branch and technology networks, combined with its
far-reaching global operations, will provide tremendous opportunties for both
National Trust customers and employees."
About 35,386,000 shares were tendered under the Bank's offer. Of these, about
31,744,000 or 89.7% were tendered under the intial offer to purchase on the
basis of 0.125 of a common share of the Bank plus $26.475 cash for each
National Trustco share. About 3,642,000 shares, or 10.3%, were tendered under
elections to receive $21.475 of the cash portion in Bank shares, valued at
$65.95 per common share.
The Bank expects to issue about 5,600,000 common shares and pay out about $860
million in cash by August 15 as a result of the offering.
A notice of acquisition of the remaining common shares of National Trustco
pursuant to the Ontario Business Corporations Act is being mailed to holders
today. These shares will be acquired on the same terms as the Bank's initial
offer. The right to elect to receive a portion of the cash in additional bank
shares has now expired. This process is expected to be completed in 30 days.
For further information: Shelley Jourard, Manager, Public Affairs.
(416) 866-6204
END
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