Senior management of Canaccord Genuity has launched a C$1.1bn bid to take the business private, as it believes the public markets place a low value on the business.
The offer, announced yesterday (9 January), is $11.25 per share, a 30.7% premium to the price of the common shares on 6 January. Peter Hargreaves: 'It is hardly surprising' HL's shares 'have collapsed' - reports The offer group holds about 21.3% of the issued and outstanding common shares, held by the CEO, members of the global operating committee, senior and tenured employees from the firm. Management of Canaccord Genuity has already gained support from the company's largest shareholder, which has 8.8% of the common shares. This, along with other shareholder agreements, means that...
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