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Canaccord Genuity Group Inc. Provides Update on Proposed and Rejected Offer to Acquire 100% of the Outstanding Shares of RF Capital Group
Canaccord Genuity Group Inc. Provides Update on Proposed and Rejected Offer to Acquire 10...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n Canaccord Genuity Group Inc. Provides Update on Proposed and Rejected Offer to Acquire 100% of the Outstanding Shares of RF Capital 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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Despite new offer by CG of material price increase, enhanced escrow releases for investment advisors and strong stakeholder support, RF Capital's Board refuses to consider compelling value creation opportunity for its investment advisors and shareholders\n \n \n \n \n TORONTO\n \n ,\n \n April 14, 2021\n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (\"Canaccord Genuity\" or the \"Company\") announces that on\n \n April 6, 2021\n \n in a letter to the board of RF Capital Group (TSX: RCG) (\"RF Capital\"), it communicated that the Company is prepared to modify the terms of the proposal made on\n \n March 15, 2021\n \n (the \"Proposal;\"), including to  increase the proposed offer price materially above our original proposal of\n \n $2.30\n \n per RCG common share, and to provide enhanced escrow releases for their investment advisors.\n \n \n \"Despite our continued efforts to engage in a productive dialogue with RCG's Board of Directors and representatives of the Richardson Family in pursuit of this compelling value creation opportunity, they have failed to engage with us to the detriment of their clients, investment advisors and shareholders.\" said\n \n Dan Daviau\n \n , President & CEO of Canaccord Genuity Group Inc.\"\n \n \n \n \n RF Capital's persistent refusal to engage is disenfranchising RCG shareholders and investment advisors.\n \n \n \n \n The opportunity presented by Canaccord Genuity has the potential to significantly enhance value for RCG investment advisors and shareholders, while preserving the heritage and independence of the Richardson Wealth business.\n \n \n RCG minority shareholders should be provided an opportunity to consider the Proposal. Put simply, RF Capital's board of directors has continued to ignore their fiduciary obligation to consider the interests o...