C..A. Bancorp to sell AgriFinancial to Western Financial
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Hey there, time traveller!
This article was published 11/09/2008 (6564 days ago), so information in it may no longer be current.
TORONTO – C.A. Bancorp stock (TSX:BKP) fell Thursday amid news that the Canadian merchant bank plans to sell its majority stake in AgriFinancial Canada Corp. to Western Financial Group Inc. (TSX:WES).
C.A. Bancorp currently owns 90 per cent of Winnipeg-based AgriFinancial, which leases equipment and provides credit card services to farmers, while the remaining 10 per cent is held by Sentry Select Total Strategy Fund (TSX:TSF.UN).
The transaction, valued at $20.5 million, was announced late Wednesday by Western Financial and is expected to close during the fourth quarter. C.A. Bancorp will receive about $18.5 million of the proceeds.
C.A. Bancorp’s stock declined five per cent to $1.53, down eight cents from Wednesday’s close. Western Financial’s shares were at $3.02 at midday, unchanged from Wednesday’s close
AgriFinancial was formed in October last year by C.A. Bancorp and Total Strategy.
“We have worked closely with AgriFinancial’s … management team over the past year to grow and improve its business and to take advantage of exciting new opportunities,” said Mark Gardhouse, president of C.A. Bancorp.
“Western Financial Group is a natural buyer and partner for AgriFinancial and will enable AgriFinancial to continue to provide industry leading financial products and services and outstanding service across its entire customer base.”