Investors

"The plan’s many parts fell into place in late February, 1969. It worked this way: 1. Investors would purchase 194,000 shares (19.4 percent) in Great- West Life from Great West Saddlery at $140. 2. If Saddlery accepted, Power Corp. and Canadian Pacific Invest¬ ments (cpi) would provide funds for Investors to buy a further 307,000 Great-West Life shares from all shareholders. 3. Investors would pay back Power and Canadian Pacific by issuing 3 million Investors common shares at $12 each and 1.6 million preferred shares at $25 each. 4. If Investors couldn’t acquire those 307,000 additional shares, Power and cpi would buy the 194,000 shares purchased from Saddlery. In late February, Investors offered $140.29 cash per share to Sad¬ dlery. The offer was accepted. The same offer was presented to the Great-West board as the one that would be made to shareholders. The board examined the offer and informed the shareholders that the $140 per share suggested by Investors was fair. Investors then offered to purchase 307,000 shares"

"So, most of Power’s growth during the 1970s had occurred through quiet purchases by its subsidiaries of other, complementary companies that increased their value on the market and to Power, rather than through spectacular coups. Consolidated-Bathurst acquired its sub¬ sidiaries in glass container and packaging products this way; Montreal Trust expanded by buying other trust companies; Investors grew by acquiring other mutual and investment funds, though it also set up more of its own funds; and Canada Steamship Lines grew by pur¬ chasing trucking and courier operations."