CCORF - Canaccord Genuity goes public with proposal for RF Capital after board rebuff

Canaccord Genuity (CCORF) says its proposal to acquire RF Capital Group (GMPXF) for C$2.30 (US$1.84) per share for cash was rejected by RF Capital's board "without reason.""We are disappointed that we have been unable to engage with RF Capital's board of directors and the Richardson family in a meaningful and productive way in connection with our Proposal, despite numerous attempts to engage in constructive dialogue since last September," Canaccord said in a statement.RF Capital's board rejected on March 10, the proposal that Canaccord made on March 9. Furthermore, Canaccord said that the Richardson Financial Group Limited (the Richardson family), which owns 44% of RF Capital's common shares, refused to discuss the proposal.As part of the offer, Canaccord would propose to exchange RF Capital Group's outstanding preferred shares into equivalent preferred shares of Canaccord Genuity."We are confident that the highly accretive combination of RFG's Richardson Wealth business with our existing wealth

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Canaccord Genuity goes public with proposal for RF Capital after board rebuff