A major shareholder of Canaccord Genuity Group is trying to force out directors standing in the way of a buyout by management. Read more.
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Skky Capital Corp. has requisitioned a shareholder meeting to remove Gillian Denham and three other board members, according to a statement Tuesday. The four make up a special board committee that’s examining a proposal by dozens of executives and employees to take Canaccord private for $11.25 a share.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Skky, which says it owns 8.8 per cent of Canaccord, calls that a mistake and wants the company sold in one piece. The shareholder’s move adds a new element of uncertainty to the increasingly acrimonious fight over Canaccord, which offers investment banking, trading, research and wealth management services, primarily in Canada and the United Kingdom. It’s one of the last sizable independent firms of its kind to be listed on the Toronto Stock Exchange after large banks consolidated the industry through acquisitions.
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