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TD Bank declares victory in $326M takeover of car loan company

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TORONTO (CP) _ TD Bank Financial Group (TSX:TD) declared victory Wednesday in its $326-million takeover of VFC Inc. after about 90 per cent of the used-car loan company's shareholders tendered into its bid.

The Toronto-based bank said VFC (TSX:VFC) stockholders holding about 15 million common shares have accepted its offer. Following compulsory-acquisition rules, it now will scoop up the remaining shares and take the company private by delisting VFC's stock from the Toronto Stock Exchange.

``TD expects to complete that compulsory acquisition as soon as reasonably practicable,'' the bank said.

In February, TD Bank offered $19.50 a share for VFC. Stockholders had the option of taking $19.50 a share in cash or $19.45 per share in TD common stock plus a nickel per share in cash.

VFC is one of the largest Canadian-owned indirect consumer finance companies, with offices in Toronto, Montreal and Nanaimo, B.C. Its loans originate through its network of more than 2,000 pre-qualified automobile dealers connected by web-based technology.

TD Bank, which had $365 billion in assets as of Oct. 31, saw its
shares gain six cents to $63.65 in early trading Wednesday, while
VFC's stock was even at $19.52.

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TD Bank declares victory in $326M takeover of car loan company
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