08:17 AM EDT, 04/03/2024 (MT Newswires) -- CI Financial Corp. ( CIXXF ) on Wednesday reported the preliminary results of its substantial issuer bid that expired at 5 pm Toronto Time on April 2.

Based on the preliminary count by Computershare Investor Services Inc., the depositary for the offer, about 12.6 million common shares of CI Financial ( CIXXF ) were properly tendered and not properly withdrawn, including 115,210 shares that were tendered through notices of guaranteed delivery.

Based on the preliminary count by the depositary, CI Financial ( CIXXF ) expects to take up and buy for cancelation about 4.9 million shares at the purchase price of $17.50 per share for about $85 million.

The shares expected to be acquired under the offer represent about 3.11% of the issued and outstanding shares at the time that the offer was initiated. Immediately after the completion of the offer, CI Financial ( CIXXF ) expects that about 151.4 million shares will be issued and outstanding.

As the offer was oversubscribed, shareholders are expected to have about 38.17% of their tendered shares purchased by the company.