CWB’s board of directors accepted National Bank of Canada’s unsolicited $5-billion bid after deciding it was unlikely anyone would top it, according to a proxy circular filed Friday. The board also felt delaying a sale to shop the offer would minimize the chance of a leak that could compromise the deal, and help CWB avoid the fate of a “similarly sized Canadian bank”—likely a reference to Laurentian. (The Logic)

Talking point: The Globe and Mail reported last July that Montreal-based Laurentian was quietly shopping around for potential buyers. The bank never did end up securing a viable offer and its stock has struggled since. National Bank’s bid for CWB represents a 110 per cent premium on the share price the day before the deal was announced. Shareholders have responded positively to the bid, with CWB’s stock up about 10 per cent since the announcement on June 12. National needs the support of at least two-thirds of votes cast by CWB shareholders at a meeting scheduled for Sept 3.