: Canadian bank Canaccord appoints new board members to review management buyout proposal
Canaccord Genuity CA:CF on Monday named Terrence Lyons and Michael Auerbach as new members of its special committee that’s reviewing a Jan. 9 buyout proposal by management. Gillian Denham, Dipesh Shah, Charles Bralver and Sally Tennant and Francesca Shaw gave notice that they’d resign from the board. Denham, Bralver and Tennant previously comprised the company’s special committee. The resignations follow a March 7 request by shareholder Skky Capital Corp. Ltd. for a shareholders’ meeting to remove the former special committee directors. “The resignation letter indicated in part that it is the view of the former special committee directors that they could not satisfy their fiduciary duties to the company and fulfil their mandate in the circumstances,” the bank said. “Further, the former special committee directors indicated that they believed that the breakdown with management and others through the course of the bid was irreparable.” The company said Feb. 27 that a special committee of the board directors plans to recommend shareholders reject the offer of C$11.25 Canadian dollars ($8.27) a share, based in part on an independent valuation of the company that determined a fair market value on the stock was C$12.75 to C$15.75. Canaccord Genuity stock fell 2.3% on Friday.
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