A management-led group of Canaccord Genuity Group employees has made a takeover bid for the company valued at $1.127 billion.
Canaccord Genuity Group Inc.'s management group is seeking to take the firm private in a $1.13 billion deal, taking advantage of a plunge in the share price after last year's turmoil in capital markets.
Canaccord's stock has fallen by 48 per cent since a pandemic-era peak in November 2021, as volatile markets and plunging global equity prices put a chill in the initial public offerings and other transactions the firm specializes in. The deal would return the company — which was founded as a regional brokerage in 1950 — to private markets after 18 years.
The offer represents a 31 per cent premium to the closing price on Friday and a 42 per cent premium to the volume-weighted average from the previous 20 days. But it's not much higher than the $10.25 price of the company's initial public offering in 2004.
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