Corinthian Colleges, Inc. acquired, on August 19, 2003, an 89 per cent interest in CDI Education Corporation through a takeover bid offer at $4.33 per share, for a total enterprise value of approximately $55 million. The bid was subsequently extended until September 3, during which time Corinthian acquired an additional 113,470 common shares resulting in Corinthian owning in excess of 90 per cent of the number of issued and outstanding CDI shares. Corinthian acquired the balance of the outstanding shares pursuant to the compulsory acquisition procedures under the Ontario Business Corporations Act, which was completed on October 5. Corinthian is a California-based private post secondary educational provider. CDI Education is engaged in private post secondary career training and corporate training in Canada.
Corinthian’s legal team was led by Stan Mortensen, senior vice president and general counsel; and included Chris Murray, Dana DiBartolo, Victoria Graham and Rob Silver (corporate), Firoz Ahmed and Kimberley Wharram (tax), Peter Glossop and Shuli Rodal (regulatory) and Michael Hart (financial) of Osler, Hoskin & Harcourt LLP. Stan Freedman of Heenan Blaikie LLP provided educational regulatory advice to Corinthian.
CDI Education was represented by Stikeman Elliot LLP, with a team that included Rod Barrett, Rob Nicholls and Sean Vanderpol (corporate) and Paul Collins and Sandy Walker (regulatory). Ernst & Young also provided tax advice in the transaction.