Dundee Corp increases stake in DundeeWealth unit
TORONTO, Feb 8 (Reuters) - Dundee Corp (DCa.TO: Quote, Profile, Research) said on Friday that it boosted its ownership stake in DundeeWealth Inc (DW.TO: Quote, Profile, Research) between Jan. 25 and Feb. 8.
Dundee Corp, which is controlled by Ned Goodman and his family, said it bought 2.67 million DundeeWealth shares during that period, or 2.3 percent of common shares outstanding.
DundeeWealth stock traded in a range of C$12.24 to C$14.38 per share during the period.
Dundee Corp said it now owns 58.9 percent of DundeeWealth common shares, plus other types of shares that give it a 62.8 percent voting interest in the wealth management company.
Shares of DundeeWealth skyrocketed to a 52-week high of C$22.31 in November on takeover speculation. Mutual fund company CI Financial Income Fund (CIX_u.TO: Quote, Profile, Research) had said in September that it wanted to buy the company, and other bidders were rumored to have made offers as well.
But in January, DundeeWealth said its controlling shareholder would not consider expressions of interest, and DundeeWealth shares subsequently fell.
They closed at C$12.35 per share on the Toronto Stock Exchange on Friday, down 3.4 percent, and near their 52-week low of C$12.01.
Bank of Nova Scotia (BNS.TO: Quote, Profile, Research) owns 18 percent of DundeeWealth.
($1=$1.00 Canadian) (Reporting by Lynne Olver; Editing by Peter Galloway)
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