Canaccord Genuity’s $1.1-billion management buyout officially dead, leaders agree to two-year truce

officially scrapped their all-cash $1.1-billion management buyout offer, ending a fight that turned into a hostile takeover from within and resulted in the resignations of multiple board directors.

Canaccord Genuity’s management team also announced they have agreed to a two-year standstill agreement with the board., backed by chief executive Dan Daviau and board chair David Kassie, in January and set the price at $11.25 per share. At the time Canaccord Genuity’s shares were trading at $8.61 a piece.particularly in the United Kingdom

A few weeks later, the committee formally rejected the takeover offer, saying Canaccord was worth $12.75 and $15.75 per share. The midpoint of that range, $14.25 per share, implied a valuation of $1.42-billion – almost $300-million more than the management group is offering. With the special committee in shatters, Canaccord Genuity appointed new directors to review the management buyout offer. Initially, it appeared that management had a better chance of getting their deal across the finish line, but in early May theyinvolving one of its foreign subsidiaries, without going into specifics.

Source: News Formal (newsformal.com)

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canaccord Genuity names new Canadian CEO as part of senior executive changesStuart Raftus, who is well-known on Bay Street for running CG Wealth Management, is now CEO of Canaccord Genuity Corp., while Pat Burke, head of Canadian capital markets, steps down
Source: globeandmail - 🏆 5. / 92 Read more »

Management group walks away from Canaccord Genuity buyout offerCanaccord Genuity says as a result of the management group’s decision no shares were acquired under the offer
Source: globeandmail - 🏆 5. / 92 Read more »

Bid to take Canaccord Genuity private not going forward - BNN BloombergA management-led proposal to take Canaccord Genuity Group Inc. private is not going forward.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Nate Diaz, Jake Paul Agree to Increase Aug. 5 Boxing Match from Eight Rounds to 10Nate Diaz is going to have the opportunity to put his vaunted gas tank to work when he faces Jake Paul in a boxing match on Aug. 5.
Source: sherdogdotcom - 🏆 66. / 51 Read more »

Toronto’s mayoral candidates say they can fix the city’s jammed roads. The experts aren’t so sureThose vying for Toronto’s top job may agree it’s tough to get around the city but their fixes vary.
Source: TorontoStar - 🏆 60. / 55 Read more »

Majority side with N.B. premier on gender identity: poll57 per cent agree schools should have to tell parents about their child’s desire to change their gender or pronouns
Source: nationalpost - 🏆 10. / 80 Read more »