A bid to take Toronto-based financial services firm Canaccord Genuity (TSX:CF, LSE:CF) private is no longer going ahead.
In January, a management-led group of officers and employees known as the CG Employee Group proposed an all-cash offer of C$11.25 per share bringing the total value of the deal to about C$1.127 billion.
However, on Wednesday the group said that its offer had expired as certain conditions, including the receipt of required regulatory approvals, related to the buyout offer were not met by its Tuesday night deadline.
“With the expiry of the offer and the continuation of the company's structure in its current form, there has been no change in the CG Employee Group's dedication and commitment to advancing the company's strategy to enhance shareholder value over the long-term and to continue to ensure that the company provides superior service to its clients,” CG Employee Group said in a statement.
Canaccord Genuity (TSX:CF, LSE:CF) shares fell following the news, down 5.9% at C$8.05 shortly before noon on Wednesday.
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