The bid comes after Canaccord’s stock fell by 48 per cent since a pandemic-era peak in November 2021 amid volatile markets and a global equity selloff.
Canaccord Genuity Group’s management group is seeking to take the firm private in a $C1.13 billion deal, taking advantage of a plunge in the share price after last year’sThe management team – which includes the firm’s chief executive, chairman and more than a dozen other senior executives – owns a combined 21 per cent of the shares, the group said on Monday in a statement. Canaccord’s largest outside shareholder also supports the bid of $C11.25 per share, it said.
“The common shares, which naturally reflect the inherent volatility of the global capital markets in which the company operates, have proven to be not well-suited for trading in a public marketplace,” CEO Dan Daviau said in the statement. “As an employee-owned business, the company will be able to focus its efforts solely on advancing its proven strategies in ways that serve the best interests of its clients.
The committee also will consider alternatives to the management offer and contact third parties to gauge their interest in competing bids.
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