The employee group is offering
The employee group making the offer includes chief executive
The group collectively owns a 21.3 per cent stake in the company.
The offer also has the support of
In connection with the proposal, the employee group has signed support agreements with shareholders with a 10.7 per cent stake in the company.
Daviau said the company's shares, which reflect the inherent volatility of the global capital markets in which it operates, have proven to be not well-suited for trading in a public marketplace.
"After the completion of the proposed offer, as an employee-owned business, the company will be able to focus its efforts solely on advancing its proven strategies in ways that serve the best interests of its clients, while continuing to support a vibrant marketplace for issuers in need of capital, entrepreneurs bringing new companies and ideas to market and investors in our wealth management and capital markets businesses," he said in a statement.
The offer comes after a meeting last year between Daviau and the company's largest shareholder, which offered to support a going private transaction in which it would sell its shares to a management-led group.
The company said the special committee will provide a formal recommendation to shareholders within 15 days of the mailing of the management group's takeover bid circular.
This report by The Canadian Press was first published
Companies in this story: (TSX:CF)
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