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MCAN Mortgage Corp Announces Acquisition Of Xceed Mortgage Corporation

Tuesday, 26 Mar 2013 06:27pm EDT 

MCAN Mortgage Corp announced that it has entered into a definitive agreement (the Arrangement Agreement) to acquire all of the issued and outstanding common shares of Xceed Mortgage Corporation (Xceed) for $1.75 per share, for a total consideration of approximately $53.0 million (the Transaction) paid with a combination of cash and common shares of MCAN. The Transaction will be effected pursuant to a plan of arrangement under Section 182 of the Business Corporations Act (Ontario) and is expected to close within approximately 90 days. Under the terms of the Arrangement Agreement, Xceed shareholders will, for each share held, receive at their election, subject to adjustment: 0.118 MCAN common shares or $1.75 in cash, or a combination thereof, subject to a maximum of $30.3 million in aggregate cash being paid. The consideration represents a premium of 16.67% to Xceed's closing price per share on the Toronto Stock Exchange (the TSX) as at March 25, 2013 and a 7.03% premium to Xceed's 30-day volume weighted average price per share as at close of markets on March 25, 2013. Assuming the maximum cash consideration is elected to be received by the Xceed shareholders, the equity component of the purchase price will be approximately $22.7 million and, upon completion of the Transaction, existing Xceed shareholders will own approximately 7.54% of MCAN on a fully diluted basis. 

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25 Jul 2014