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
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.