Two executives spearheading a leveraged buyout of Canaccord Genuity Group Inc. have a problem: They can’t get the deal past a board member who had previously been a close colleague at one of Canada’s biggest banks.
Canaccord insiders offered $11.25 a share to take the financial firm private in January, valuing it at more than $1.1 billion . Dozens of senior executives and managers, led by Chief Executive Officer Dan Daviau and Chairman David Kassie, support the plan.
Now they’re on opposite sides of a dispute over the future of Canada’s largest publicly traded independent investment dealer. Canaccord offers investment banking, trading, research and advice for companies and wealthy investors, primarily in Canada and the U.K. Such firms have become rare on the Toronto Stock Exchange, as Canada’s dominant banks have picked off independent players.
Canaccord’s most valuable parts, by far, are its Canadian and U.K. wealth units, according to an assessment from Royal Bank of Canada commissioned by Denham’s group. RBC, in doing a “sum of the parts” calculation, said the company is worth 13 per cent to 40 per cent more than what the management group is offering. “The special committee believes there is greater value in the company than reflected in the offer price,” the board group said in a statement Monday, citing the RBC valuation.
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Canaccord significantly undervalued in management group bid: special committeeAn RBC Capital markets valuation puts Canaccord between $12.75\u002D$15.75 a share, as much as 40% more than the offer of $11.25 a share. Read on
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Canaccord significantly undervalued in management group bid: special committeeAn RBC Capital markets valuation puts Canaccord between $12.75\u002D$15.75 a share, as much as 40% more than the offer of $11.25 a share. Read on
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Valuation puts Canaccord shares higher than management buyout offerThe management\u002Dled group of Canaccord Genuity Group Inc. employees called the independent valuation \u0027unrealistic and flawed.\u0027 Find out more.
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Valuation puts Canaccord shares higher than management buyout offerThe management\u002Dled group of Canaccord Genuity Group Inc. employees called the independent valuation \u0027unrealistic and flawed.\u0027 Find out more.
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Canaccord management officially launches $1.13-billion buyoutThe move comes after the group announced in January that it planned a takeover attempt for $11.25 a share, despite a subsequent valuation placed a higher value on the independent investment bank
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