Insiders at Canaccord Genuity are trying to take the financial firm private but are being blocked by a board committee. Read more here.
Now they’re on opposite sides of a dispute over the future of Canada’s largest publicly traded independent investment dealer.
“If they engage in selling assets, we will likely pull our bid because that would be detrimental to our business,” Daviau, 58, said. “That would be foolhardy and very short-term focused on their part.” The company has had a bumpy ride since it was created out of a 2010 merger of Canaccord Financial and Genuity Capital Markets. The stock has mostly traded at a low multiple of earnings. It briefly topped $16 during the equity euphoria of 2021 before cratering last year. Canaccord was trading at $11.52 at 1:39 p.m. on Wednesday in Toronto, slightly above the proposed takeover price.
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