Mouvement Desjardins Privatizes Desjardins-Laurentian Financial Corporation

The Confédération des caisses populaires et d’économie Desjardins du Québec made an insider bid on August 21, 2000 to acquire all of the outstanding common shares of Desjardins-Laurentian Financial Corporation (DLFC), its diversified financial services subsidiary. The offer price of $23.50 per share was below the valuation range established by the independent financial advisor selected by a special committee of the board of DLFC and the board of directors of DLFC made no recommendation to shareholders as to whether to accept or reject the offer.

DLFC and the special committee of its board of directors are represented by Stikeman Elliott with a team led by Sidney Horn with the assistance of Marie-France Nantel and Steeve Robitaille. The Confédération is represented by Ogilvy Renault with a team led by Paul Raymond and Francis Legault.