(Toronto) A group of employees led by Canaccord Genuity Group executives has submitted a takeover bid for the $1.127 billion-valued company.
The employee group is offering $11.25 per share for the financial services company.
Shares of Canaccord Genuity closed Friday at $8.61 on the Toronto Stock Exchange.
The group of employees making the offer includes Chief Executive Officer Daniel Daviau and Chairman David Kassie, as well as all members of the company’s Global Operating Committee and other senior and permanent employees of the whole company.
The group collectively owns a 21.3% stake in the company.
Mr. Daviau argued that as an employee-owned company, the company could focus its efforts solely on advancing its proven strategies in a way that best serves the interests of its customers.
Company in this dispatch: (TSX: CF)