You Are Here News Desjardins Financial Group Acquires 95.5 % of Outstanding Common Shares of Western Financial Group Inc
Desjardins Financial Group Acquires 95.5 % of Outstanding Common Shares of Western Financial Group Inc

Desjardins Financial Group ("Desjardins") announced on April 15, 2011 that its offer (the "Common Share Offer") to acquire all of the issued and outstanding common shares of Western Financial Group Inc. (“Western”) has expired and that it has taken up and accepted for payment the shares tendered under the Common Share Offer. Desjardins will pay for the tendered shares on or about April 20, 2011.

 

“We are extremely satisfied that our offer was accepted by the vast majority of the shareholders,” said Monique F. Leroux, Desjardins Financial Group Chair of the Board, president and CEO. “As Western Financial Group continues to develop its business in Western Canada, we look forward to leveraging the entrepreneurial spirit that exists within the company and to supporting Western’s continued growth and success.”

 

Ms. Leroux also announced that Mr. Jim Dinning will remain Chairman of the Board of Western Financial Group and that Mr. Scott Tannas will continue as its President and CEO. He will also remain on Western’s Board. “We feel privileged to count on the expertise and commitment of such gifted individuals, as well as on the management and employees of Western Financial Group,” she added.

 

“We are delighted to have the overwhelming support of shareholders for this transaction. Western Financial Group today begins a new era in its growth and development. We are excited to join the Desjardins organization, and look forward to much success together,” said Scott Tannas, founding President and Chief Executive Officer of Western Financial Group.

 

Desjardins intends to acquire all of the remaining common shares of Western by way of a subsequent acquisition transaction between Desjardins Financial Corporation Inc. and Western. This transaction will be submitted for approval by holders of common shares at a special meeting of shareholders to be held in July, 2011.

 

Awarded the coveted title “Bank of the Year 2010 — Canada” by the UK magazine The Banker, Desjardins Group is the leading cooperative financial group in Canada and the sixth largest in the world, with assets of over $172 billion.

 

Western Financial Group provides property, liability and life insurance as well as banking and investment services for more than 550,000 customers in Western Canada. Our business units include: The Network, Bank West, Western Life and Western Financial Insurance.