Markets

Sector Update: Financials; Gluskin Sheff to Buy Blair Franklin Asset Management, CIBC to Redeem Preferred Shares

Financial stocks were generally positive in afternoon trading, with the S&P/TSX Financials index gaining 0.2%.

Gluskin Sheff + Associates (GS.TO): +2.9%

CIBC (CM.TO): +0.7%

CI Financial (CIX.TO): -0.8%

Manulife Financial (MFC.TO): +0.8%

Fairfax Financial (FFH.TO): +2.2%

In corporate news, Gluskin Sheff + Associates Monday announced an agreement to buy Blair Franklin Asset Management Holdings for $15 million in cash and 1.9 million common shares.

The acquisition is expected to be accretive to the wealth management company's earnings per share in the first year, excluding amortization and any non-recurring items arising from the transaction.

Meanwhile, Canadian Imperial Bank of Commerce Monday said it will redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 33 and Non-cumulative Rate Reset Class A Preferred Shares Series 37 for $25 each. The Canadian lender will redeem the shares on July 31.

Furthermore, the bank entered into an agreement with a group of underwriters for an issue of 10 million Basel III-compliant non-cumulative Rate Reset Class A Preferred Shares, Series 39 priced at $25.00 per Series 39 Share to raise gross proceeds of $250 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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