Management-led group makes takeover bid for Canaccord Genuity

TORONTO — A management-led group of Canaccord Genuity Group Inc. employees has made a takeover bid for the company valued at $1.127 billion.

The employee group is offering $11.25 per share for the financial services firm.

Canaccord Genuity shares closed at $8.61 on the Toronto Stock Exchange on Friday.

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.

Daviau says as an employee-owned business the company will be able to focus its efforts solely on advancing its proven strategies in ways that serve the best interests of its clients.

This report by The Canadian Press was first published Jan. 9, 2023.

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The Canadian Press