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CANACCORD GENUITY GROUP INC. PROVIDES UPDATES ON MANAGEMENT TAKE-OVER BID
CANACCORD GENUITY GROUP INC. PROVIDES UPDATES ON MANAGEMENT TAKE-OVER BID Canada NewsWi...
About this update from Canaccord Genuity Group Inc.
[{"type":"text","content":"\n \n \n \n CANACCORD GENUITY GROUP INC. PROVIDES UPDATES ON MANAGEMENT TAKE-OVER BID\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 May 8, 2023\n \n \n /CNW/ - Canaccord Genuity Group Inc. (TSX: CF) (the \"Company\") provides the following update with respect to the proposed Management Take-Over Bid launched on\n \n February 27, 2023\n \n (the \"Management Offer\"):\n \n \n \n Regulatory Approval Process\n \n \n \n The Company has recently been advised by certain of its applicable regulatory authorities that, due to an ongoing regulatory matter involving one of the Company's foreign subsidiaries, regulatory approval for the change in control contemplated by the Management Offer will not be granted on an expedited basis. The Company is continuing discussions with the relevant regulatory authorities regarding the change in control applications. Based on these discussions, the Company has now determined that required regulatory approvals will likely not be received in a timely enough manner to permit completion of the Management Offer prior to its current expiry date of\n \n \n June 13, 2023\n \n \n and may not be received prior to expiration of the financing commitments for the Management Offer\n \n on\n \n August 9, 2023\n \n \n . The receipt of regulatory approvals is a condition of the Management Offer.\n \n \n The underlying regulatory matter, which arose in the Company's capital markets business and has been ongoing in the ordinary course, is unrelated to the Management Offer. In the response to the matter, the Company's subsidiary has made significant enhancements to its compliance functions and significant investments in additional staff and technology. The Company expects that this regulatory matter will be resolved in the ordinary course and does not expect the prospective resolution to have a material impact on its financial condition or results of operations.\n \n \n \n Agreement to Amend Offer Condition\n \n \n \n At the request of the Special Committee, the management offerors hav...