The move comes after shareholder Skky Capital publicly called for the special committee to be replaced
At the time, the now-former special committee cited a formal valuation by Royal Bank of Canada that found Canaccord was worth between $12.75 and $15.75 per share and had hired Barclays Capital Canada Inc. to explore potential alternatives.
In their resignation letter, the four former directors said the breakdown with management and others through the course of the bid had become “irreparable.” Skky has an agreement with the management group requiring the fund manager to support the $11.25 per share bid and oppose all others, even if another offer were to emerge at a higher price. That agreement dates back to August 2022, despite Mr. Flatt having sent a letter around the same time stating his belief that Canaccord was in fact worth more than $15 per share.
In its call for the special committee’s removal, Skky requested Terry Lyons, a former executive at Brookfield Asset Management who had previously spent 18 years on Canaccord’s board, be reappointed as a director. At a meeting on Sunday, the remaining members of the company’s board voted to bring Mr. Lyons, age 73, back. He will join venture capitalist Michael Auerbach on a reconstituted two-person special committee that will continue evaluating the management group’s offer.
France Dernières Nouvelles, France Actualités
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