(Toronto) Canaccord Genuity said Wednesday that its proposed management buyout of the company would not proceed as key conditions to the offer, including obtaining required regulatory approvals, have not been met. on the expiration date of the offer.
The financial services company said the management group had decided not to extend the offer beyond the June 13 deadline.
As a result, no shares were acquired under the offer, the company added.
Canaccord’s board of directors recommended to shareholders last week that they reject the proposal as the terms of the offer did not appear likely to be satisfied by the deadline.
The company warned last month that a regulatory issue with one of its overseas subsidiaries could delay the deal and that it was unlikely to receive takeover approval in time.
The leadership group included Chief Executive Officer Daniel Daviau and Chairman David Kassie, as well as all members of the company’s Global Operating Committee and other key and permanent employees across its businesses. .
