Money manager Sprott Inc. launched a hostile $3.1-billion (U.S.) takeover offer Wednesday for Central Fund of Canada Ltd. (CFCL), the latest battle in Sprott’s two-year campaign to unite rival gold and silver bullion funds.
Toronto-based Sprott asked an Alberta court to allow all shareholders in Calgary-based CFCL to vote on a plan that will see their holdings exchanged for units in a new company, Sprott Physical Gold and Silver Trust. If successful, the takeover would make Sprott a leading bullion fund manager, adding $3.1-billion in CFCL’s portfolio to the $9.3-billion (Canadian) in assets under management at Sprott.
Discover content from The Globe and Mail that you might otherwise not have come across. Here we’ll provide you with fresh suggestions where we will continue to make even better ones as we get to know you better.
You can let us know if a suggestion is not to your liking by hitting the ‘’ close button to the right of the headline.