The bureau issued a ‘no action’ letter indicating it doesn’t plan to oppose the transaction
The bureau indicated in a “no-action letter” that it does not intend to make an application to block the transaction, according to a Home Capital statement Monday.
In November, a subsidiary of Smith Financial Corp. -- a company Mr. Smith controls that already owns 9.1 per cent of Home Capital -- clinched a cash offer of $44 per share to acquire all the remaining shares. If the deal does not close by May 20, Smith Financial will have to pay $0.25 more per share for each three-month delay.
Mr. Smith struck the Home Capital deal as high mortgage rates and slumping real estate prices cool homebuying. Home Capital’s share price sunk early last year as investors balked at torrid interest rate hikes that threatened to temper lending in Canada’s housing market. Home Capital was also coming out of a tumultuous period in its history after it recovered from near collapse in 2017 when investor Warren Buffett rescued the lender.
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