Canaccord Genuity Group Inc CF-T management-led consortium said on Friday its $1.13-billion take-private offer may not result in a deal as there was “no reasonable chance” its conditions would be met by the expiry date.
This comes just a month after the management warned of delays in securing regulatory approvals for the offer, first announced in January.
The management has made no final decision on extending the June 13 deadline for the offer, which was opposed by a special committee of independent directors at the Canadian firm in February.
The committee said the group’s bid of $11.25 per share was lower than the fair value of the company.
Canaccord offers a slew of financial services including wealth management, investment banking and research.