Under the agreement, Smith Financial said Monday it will pay
Smith Financial, the family holding company of
"Having followed the development of the business for three decades, I can attest to Home Capital’s strong partnerships with mortgage brokers and great customer relationships," Smith said in a statement.
"I’m also impressed with the direction the company has taken to build quality assets and enduring advantages in its chosen industry segments. I look forward to owning another business with a bright future."
The deal, which is expected to close in the middle of 2023, requires approval by a two-thirds majority vote of
"We are pleased to have reached an agreement that provides shareholders with compelling and certain value in the form of an all-cash offer," Hibben said.
In August,
The company did not release specific details of the earlier proposal, but said it was an all-cash offer and topped the maximum purchase price of
This report by The Canadian Press was first published
Companies in this story: (TSX:HCG)
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