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Rating:CI Sold Amvescap Stake in August Not Rated 2.3 Email Routing List Email & Route  Print Print
Wednesday, October 19, 2005

CI Sold Amvescap Stake in August

by: Sean Hanna, Editor in Chief

Toronto-based CI Fund Management Inc. moved on quickly after Amvescap's rejection of its hostile bid to take over Amvescap PLC last summer. The CEO of the number two Canadian fund firm revealed that it sold 15 million shares it held in Amvescap last August. Amvescap's board had rejected a takeover offer from CI Fund Management on August 3.

News of the sales was reported by Bloomberg and was based on an interview with Bill Holland, CEO of CI Fund.

"We are not interested in Amvescap today," Holland told Bloomberg. "We are not pursuing them, nor will we again." Still, Holland said that CI remains in the market as a buyer.

"The mutual-fund business still suffers from enormous over capacity," said Holland.

News that the deal is dead takes the wind of rumors that Amvescap is in play. Last week, for example, a trade Web site reported that MFS Investments could be looking at acquiring Amvescap. There has been no independent confirmation of that report, and it appears to remain a rumor.

For CI, the run at Amvescap paid off in financial terms, even if it did not come to fruition. Holland said CI sold its Amvescap shares at an $18.6 million profit on its $70 million plus investment.

CI held shares representing 1.85 percent of Amvescap.  

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