Tuckamore Capital Management Inc fired back at dissident investor Access Holdings Management Co LLC on Thursday, saying that Access had previously tried to seize control of Tuckamore without paying a premium to all shareholders. Earlier this week, Access said it plans to vote the shares it controls against Tuckamore's proposed management-led takeover as it materially undervalues the holding firm that invests in early- and mid-stage private companies across sectors.Toronto-based Access, which has the backing of a group of Tuckamore investors that control over 5 percent of the firm's shares, said it believes Tuckamore can be worth more than C$2 a share with the right strategy and proper management. Access has named a slate of six nominees for election to Tuckamore's board if the buyout plan is defeated.Tuckamore is currently trading at 80 Canadian cents a share.Other large investors have separately come out against the management-led buyout this week. Canso Investment Counsel Ltd, which controls close to 15 percent of Tuckamore's shares, said it plans to vote against the management-led buyout at a shareholder meeting on July 15.
Shares of TX fell by 7.06% or $-0.06/share to $0.79. In the past year, the shares have traded as low as $0.10 and as high as $0.88. On average, 173912 shares of TX.TO exchange hands on a given day and today's volume is recorded at 106017.
Source
