The private equity-backed management buyout of Tuckamore Capital Management has been opposed by two major shareholders.
Canso Investment Counsel and Access Holdings Management, which control around 20 per cent of Tuckamore, said they will vote against the buyout.
The investors called the offer of 75 cents per share, which is backed by private equity firm Birch Hill, “inadequate” as it “significantly undervalued the firm.”
“Canso’s objective is to maximize the long term value of its holdings in Tuckamore and believes this objective is currently best met by keeping Tuckamore as a public company,” Canso said in a statement.
“Canso will consider all appropriate actions, including among other actions, exercising its rights of dissent as afforded under corporate law.”
Late last year Birch Hill decided to withdraw from an auction of Canadian wireless spectrum.
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