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What’s CI worth? We’re about to find out Add to ...

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The opening bell will be a referendum on Bank of Nova Scotia’s plan to sell a $3.8-billion stake in CI Financial Corp., as there is a significant divergence of opinion on what the bank can get for the shares and the market is going to play a big part in settling that.

Bank of Nova Scotia last week told CI it planned to sell, and that one option was doing a secondary offering to shareholders of some portion of its 37 per cent stake. CI’s message back was that the market would choke on such a transaction, and it would cripple CI’s share price.

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