06:38 AM EDT, 07/29/2024 (MT Newswires) -- Canadian Western Bank's ( CWESF ) acceptance of a $5-billion takeover was influenced by a juicy acquisition premium and Laurentian Bank of Canada's ( LRCDF ) failure to sell itself last year, according to merger filings, The Globe and Mail is reporting Monday.

In June, CWB and National Bank of Canada ( NTIOF ) announced an all-share merger that will combine the Edmonton-based lender that specializes in commercial banking with Quebec's leading bank.

In a proxy circular filed late Friday that outlines the board decision-making process, CWB said its directors was enticed by the 110% buyout premium National Bank offered and the potential to grow as a bigger bank.

The board also weighed whether CWB would be better off on its own, and what would happen if the deal talks leaked, which is what happened to Laurentian.

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