CI Financial Corp. shareholders agreed to extend the terms of a shareholder rights plan that would discourage hostile takeover bids.
Shareholders voted in favor to extend the so-called poison pill until 2014, CI said at its annual meeting today in Toronto.
CI was involved in a dispute over the rights plan with its largest shareholder, Bank of Nova Scotia. The Ontario Securities Commission, Canada’s main stock-market regulator, ruled last week that the Toronto-based lender didn’t qualify as an “independent” shareholder and couldn’t vote on the plan.
Scotiabank, Canada’s third-largest bank by assets, purchased about 36 percent of CI Financial in 2008 from Sun Life Financial Inc. for C$2.3 billion.