Management-led group commences takeover bid for the common shares of Canaccord Genuity
On January 9, 2023, 1373113 B.C. Ltd. (the "Offeror") announced that it intended to commence an all–cash take-over bid, on behalf of itself and a management-led group consisting of officers and employees of Canaccord Genuity Group Inc. ("Canaccord Genuity") and its subsidiaries (collectively, the "CG Employee Group", and together with the Offeror, the "Offerors"), to acquire all of the issued and outstanding common shares of Canaccord Genuity (other than certain common shares beneficially owned by the CG Employee Group) at a price of C$11.25 per share. The proposed offer values the Canaccord Genuity’s common shares at approximately C$1.127 billion.
The offer was formally commenced on February 27, 2023, and is open for acceptance until 11:59 p.m. (Eastern Standard Time) on June 13, 2023, unless extended, accelerated or withdrawn.
The CG Employee Group, which collectively owns approximately 21.3% of the issued and outstanding common shares of Canaccord Genuity, is comprised of the President & CEO, Chairman, all members of the Canaccord Genuity's Global Operating Committee and additional senior and tenured employees from all Canaccord Genuity businesses and geographies.
Upon completion of the acquisition transaction, all of the common shares will be indirectly held by officers and employees of Canaccord Genuity and its subsidiaries. The executive leadership, management, underlying corporate structure and operations of the company are not expected to materially change.
Further information can be found on Canada Newswire’s website.
Canaccord Genuity, through its principal subsidiaries, is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets.
1394025 B.C. is a holding entity wholly-owned by Daniel Daviau, President and Chief Executive Officer of Canaccord Genuity.