Readers are referred to the section "Forward-Looking Statements"
at the end of this release.
MONTRÉAL, June 9, 2020 /CNW
Telbec/ - Parjointco Switzerland SA ("Parjointco"), a company
jointly controlled by Power Corporation of Canada ("Power Corporation" or "PCC") (TSX:
POW) and the Frère family, and Pargesa Holding SA ("Pargesa") today
announced that the key pending condition of the previously
announced public exchange offer has been fulfilled and the offer
has accordingly been declared successful.
Parjointco and Pargesa reported that the offer was accepted by
shareholders holding 28,468,839 Pargesa shares, representing 75.55%
of the Pargesa shares subject to the offer which, when combined
with the Pargesa shares held by Parjointco and the persons acting
in concert with it, represents 93.98% of Pargesa's voting rights,
thus satisfying this key pending condition for the exchange.
Additional details are disclosed in the joint announcement
available at
https://www.pargesa.ch/titres-pargesa/exchange-offer-offre-dechange/.
As previously announced, the proposed transaction, once
completed, will simplify the group structure as Pargesa
shareholders will receive shares of Groupe Bruxelles Lambert
("GBL") pursuant to the offer.
About Power Corporation
Power Corporation is an
international management and holding company that focuses on
financial services in North
America, Europe and
Asia. Its core holdings are
leading insurance, retirement, wealth management and investment
businesses, including a portfolio of alternative asset investment
platforms. To learn more, visit www.PowerCorporation.com.
This news release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell any securities. The exchange offer described in this press
release is not addressed to shareholders of Pargesa whose place of
residence is in Canada, and such
shareholders may not accept the offer.
Forward-Looking Statements
Certain statements in this
news release, other than statements of historical fact, are
forward-looking statements based on certain assumptions and reflect
PCC's current expectations. Forward-looking statements are provided
to present information about management's current expectations and
plans relating to the future and the reader is cautioned that such
statements may not be appropriate for other purposes. These
statements may include, without limitation, statements regarding
the simplification of the group structure and ownership interest of
Parjointco in GBL following the proposed transaction.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond PCC's control, affect the operations, performance
and results of PCC and its subsidiaries and businesses, and could
cause actual results to differ materially from current expectations
of estimated or anticipated events or results. These factors
include, but are not limited to: the impact or unanticipated impact
of general economic, political and market factors in North America and internationally,
fluctuations in interest rates, inflation and foreign exchange
rates, monetary policies, business investment and the health of
local and global equity and capital markets, management of market
liquidity and funding risks, risks related to investments in
private companies and illiquid securities, risks associated with
financial instruments, changes in accounting policies and methods
used to report financial condition (including uncertainties
associated with significant judgments, estimates and assumptions),
the effect of applying future accounting changes, business
competition, operational and reputational risks, technological
changes, cybersecurity risks, changes in government regulation and
legislation, changes in tax laws, unexpected judicial or regulatory
proceedings, catastrophic events, man-made disasters, terrorist
attacks, wars and other conflicts, or an outbreak of a public
health pandemic or other public health crises (such as COVID-19),
PCC's and its subsidiaries' ability to complete strategic
transactions, integrate acquisitions and implement other growth
strategies or the proposed transaction not occurring as expected,
including failure of any condition to the proposed transaction and
PCC's success in anticipating and managing the foregoing
factors.
The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management's perceptions of
historical trends, current conditions and expected future
developments, that the required acceptances and approvals for the
proposed transaction will be received, as well as other
considerations that are believed to be appropriate in the
circumstances, including that the list of factors in the previous
paragraph, collectively, are not expected to have a material impact
on PCC and its subsidiaries. While PCC considers these assumptions
to be reasonable based on information currently available to
management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law,
PCC undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made, or to reflect the occurrence of
unanticipated events, whether as a result of new information,
future events or results, or otherwise.
Additional information about the risks and uncertainties of
PCC's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including PCC's most recent
Management's Discussion and Analysis and Annual Information Form
filed with the securities regulatory authorities in Canada and available at www.sedar.com.
SOURCE Power Corporation of Canada