Bid to take Canaccord Genuity private not going forward

A management-led proposal to take Canaccord Genuity Group Inc. private is not going forward.

The group of executives behind the plan said Wednesday that regulatory approvals for the buyout offer were not met by the Tuesday night deadline, and they decided not to extend it.

The Canaccord executives had offered to take the financial firm private for $11.25 per share, and they said the development means no shares were acquired in the process.

The offer led by Chief Executive Officer Dan Daviau and Chairman David Kassie had run into challenges, with a special committee of directors refusing to support it over disagreements about the value of the company before the regulatory challenges arose.