NEW YORK - The board of Loring Ward International Ltd. (TSX:LW) has given a US$18 a share offer by Werba Reinhard Inc. a "superior proposal" stamp under the conditions set out by an earlier bid by Friedman Fleischer and Lowe.
The company had previously stated it wanted to be assured of Werba Reinhard's financing before it agreed to the offer.
"While there can be no assurance that the financing will be completed as planned, Loring Ward has concluded that it is likely that it will be completed," the company said in a statement Thursday.
Although Loring Ward's board of directors deemed the Werba Reinhard offer as superior, the companies' have yet to enter into an agreement. Until a definitive agreement is signed with WRI, Loring Ward will continue to unanimously support the Friedman Fleischer and Lowe offer, the company said.
Friedman Fleischer and Lowe has the right to match Werba Reinhard's offer within five business days.
The bid, announced July', followed Loring Ward's July 15 recommendation that shareholders accept a US$17.35-a-share offer from Friedman Fleischer and Lowe, which topped an earlier offer from Werba Reinhard.
New York-based Loring Ward has about 80 employees and was formerly part of the Winnipeg-based Assante wealth management group, now owned by CI Financial (TSX:CIX.UN).
Stock in Loring Ward was unchanged at $17.30 on the TSX.
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