Special vote in September will need approval of two-thirds of Canadian Western Bank shareholders to pass
National Bank said late Tuesday it will buy Canadian Western Bank in a stock-swap deal that values the Edmonton institution at $5-billion.
National Bank is offering $52.24 for each Canadian Western share, representing a 110 per cent premium to today’s closing price of $24.89. Current Canadian Western shareholders will own about 10.5 per cent of National Bank after the deal closes. To boost its capital levels for the deal, National Bank will do a $500-million public share offering and will also receive a $500-million investment from Quebec pension Caisse de dépôt et placement du Québec, which will become the second-largest shareholder of National Bank.
Canadian Western has $37-billion in loans across 39 branches in Western Canada and Ontario. The deal adds to National Bank’s western presence as it says Alberta and British Columbia already represent about 24 per cent of its assets under administration.The deal is subject to approval of two-thirds of the votes cast by Canadian Western shareholders at a special meeting expected to be held in September.
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