TORONTO — A special committee of independent directors at Canaccord Genuity Group Inc. says it will recommend shareholders do not accept a buyout offer by a management-led group of employees.
The recommendation comes after an independent valuation prepared for the committee put the fair market value of the shares higher than the employee group's offer to take the company private.
The review done by R小蓝视频 put the fair market value of Canaccord shares in a range of $12.75 to $15.75 per share as of Feb. 15.
The management-led group of Canaccord employees has offered $11.25 per share for the company and called the R小蓝视频 valuation "unrealistic and flawed."
However, the special committee says it believes there is greater value in the company than reflected in the offer price based on the formal valuation.
The special committee says it has hired Barclays Capital Canada Inc. to help explore potential strategic alternatives.
The employee group includes chief executive Daniel Daviau and chairman David Kassie as well as all the members of the company's global operating committee and additional senior and tenured employees from across its business.
The group collectively owns a 21.3 per cent stake in the company. It has also signed support agreements with shareholders with a 10.7 per cent stake in the company.
This report by The Canadian Press was first published Feb. 27, 2023.
Companies in this story: (TSX:CF)
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