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Case Study: Managing Closing Risk in the
National Bank-CWB $5B M&A

In complex M&A, transaction certainty extends beyond common shareholder approval. Multiple security classes and class‑specific thresholds can ultimately determine whether a deal closes

That reality defined National Bank of Canada’s C$5 billion acquisition of Canadian Western Bank, which required approvals across common shares, preferred shares, and LRCNs as part of a Tier 1 Capital Reorganization. Kingsdale Advisors delivered strategic oversight and real‑time voting intelligence, securing common shareholder approval, approval across preferred share classes, and mitigating closing risk through disciplined, class‑specific execution.

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