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CANACCORD GENUITY GROUP INC. ANNOUNCES EXPIRATION OF BID AND STANDSTILL AGREEMENT WITH MANAGEMENT GROUP
CANACCORD GENUITY GROUP INC. ANNOUNCES EXPIRATION OF BID AND STANDSTILL AGREEMENT WITH MANAGEMENT...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. ANNOUNCES EXPIRATION OF BID AND STANDSTILL AGREEMENT WITH MANAGEMENT GROUP\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 14, 2023\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\" or \"Canaccord Genuity\") announced that, further to the news release issued today by members of the Company's management team (the \"Management Group\") in connection with the expiration of their bid to acquire all of the common shares of the Company not already owned by the Management Group (the \"Offer\"), the Company has entered into an agreement with the Management Group with respect to certain matters relating to the Offer (the \"Agreement\").\n \n \n As noted in the Management Group news release issued today, certain substantive conditions to the Offer, including conditions related to the receipt of required regulatory approvals, were not satisfied as of the Offer's expiry time and the Management Group determined not to extend the Offer. As a result, no common shares were acquired pursuant to the Offer and the Offer is now terminated.\n \n \n The Agreement contains, among other provisions, a two year standstill with voting support commitments from certain members of the Management Group in favour of Board-supported director nominees, reimbursement of certain reasonable expenses of the Management Group (subject to clawback in certain circumstances) and continuation of an ad hoc independent committee, if required, for purposes of considering potential value enhancing alternative transactions that may be available to the Company.\n \n \n \"As Chair of the Special Committee, I would like to thank my fellow committee members,\n \n Terry Lyons\n \n ,\n \n Amy Freedman\n \n and\n \n Rod Phillips\n \n , for their hard work and valued efforts over the past couple of months in responding to the Offer. As independent directors, we look forward to ensuring strong governance while continuing to work constructively with management in our efforts to enhanc...