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CANACCORD GENUITY GROUP INC. BOARD RECOMMENDS REJECTING MANAGEMENT GROUP OFFER
CANACCORD GENUITY GROUP INC. BOARD RECOMMENDS REJECTING MANAGEMENT GROUP OFFER Canada N...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. BOARD RECOMMENDS REJECTING MANAGEMENT GROUP OFFER\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n Conditions of offer are not expected to be satisfied at or prior to the expiry of the bid\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 5, 2023\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\" or \"Canaccord Genuity\") announced today that it has filed and mailed a supplement (the \"Supplement\") to the directors' circular dated\n \n April 6, 2023\n \n in response to the bid made by certain members of the Company's management team (the \"Management Group\") to acquire all of the common shares (the \"Common Shares\") of the Company not already owned by the Management Group (the \"Offer\").\n \n \n \n Recommendation\n \n \n \n As set out in the Supplement, the Board of Directors of Canaccord Genuity (the \"Board\") is recommending that shareholders of the Company (the \"Shareholders\") reject the Offer and not tender their Common Shares to the Offer as the conditions of the Offer are not expected to be satisfied at or prior to the expiry of the Offer on\n \n June 13, 2023\n \n .\n \n \n The recommendation follows consultation with the Company's special committee of independent directors, with the benefit of advice from the Company's legal counsel.\n \n \n \n Reasons for Recommendation\n \n \n \n As detailed in the take-over bid circular dated\n \n February 27, 2023\n \n , as amended by the Notice of Variation and Change dated\n \n May 12, 2023\n \n (together, the \"Take-Over Bid Circular\"), the Offer is subject to a number of conditions that must be satisfied (or, where permitted, waived) at or prior to the expiry of the Offer in order for the Management Group to become obligated to take up and pay for the Common Shares that have been tendered. As disclosed by the Company and the Management Group, and further described in the Supplement, based on current circumstances, there exists a regulatory condition which is expected t...