Management group having a fight with the board ,not good, when finacia advisors ( the talent) can walk out the door
An independent valuation of Canaccord Genuity Group Inc. prepared for a special committee of company's board puts the fair market value of the its shares higher than a management-led group's offer to take the company private.
The review done by RBC 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 is offering $11.25 per share for the company.
However, the employee group called the valuation "unrealistic and flawed."
The employee group making the offer 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.
After considering RBC's views, the Special Committee disagrees with the Management Group's comments regarding RBC's valuation. A detailed response to these comments will be provided in the Directors' Circular due within the next 15 days .