On January 9, 2023, 1373113 B.C. Ltd. (the "Offeror") announced an all-cash takeover bid to acquire all issued and outstanding shares of Canaccord Genuity Group Inc. (TSX: CF) at C$11.25 per share, valuing the company at approximately C$1.127 billion. The offer represented a 30.7% premium over the closing price on January 6, 2023, and a 41.9% premium over the 20-day VWAP.

The bid, led by Canaccord's management group, which owns 21.3% of the shares, included support agreements with shareholders representing 10.7% of the shares. The Offeror received a financing commitment from HPS Investment Partners for up to C$825 million to fund the bid.

President and CEO Daniel Daviau highlighted the bid's potential to allow Canaccord to focus on its strategies without public market pressures. The transaction aimed to transition Canaccord to an employee-owned business, enhancing its operational focus and aligning interests with stakeholders.

Legal advisors for the Offerors were Stikeman Elliott LLP and Shearman & Sterling LLP. McCarthy Tétrault LLP and Kirkland & Ellis LLP advised HPS Investment Partners on the debt financing.

The offer was contingent on regulatory approvals, the support of 75% of the outstanding shares, and other customary conditions. If successful, Canaccord would be delisted from the TSX, but remain a reporting issuer due to its preferred shares. The bid was deemed fair by Raymond James Ltd., who provided a fairness opinion to the Offerors.