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Underwriters exercise overallotment option in Intact Financial offering

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Underwriters exercise overallotment option in Intact Financial offering

The underwriters of Intact Financial Corp.'s preferred share offering purchased an additional 2 million noncumulative rate reset class A shares, series 7.

This increases the size of the offering to 10 million from 8 million preferred shares in aggregate, to be offered on a bought deal basis to a syndicate of underwriters led by TD Securities Inc. together with BMO Capital Markets, CIBC Capital Markets and National Bank Financial.

The shares will be issued at a price of C$25.00 apiece, representing aggregate gross proceeds of C$250 million.

The offering is expected to close on or about May 29.