Two large groups of investors that control roughly 20 percent of the shares of Tuckamore Capital Management Inc have gone public with their discontent over a management-led takeover of the firm, being sponsored by Birch Hill, a private equity player. Canso Investment Counsel Ltd and Access Holdings Management Co, in separate statements, said they plan to vote shares they control against the controversial transaction as it materially undervalues Tuckamore, a holding firm that invests in early- and mid-stage private companies across all sectors.A spokesman for Tuckamore was not immediately available for comment.Tuckamore announced in early May that its senior management, along with the support of Birch Hill Equity Partners, had agreed to acquire the firm for 75 Canadian cents a share, valuing it at around C$60 million ($55 million).Access Holdings, which owns and manages more than 5 percent of Tuckamore's shares, issued a release on Tuesday urging other shareholders to vote against the offer, saying it is the "result of a seriously flawed process" that it deems abusive to non-management shareholders.
Shares of TX traded higher by 2.56% or $0.02/share to $0.80. In the past year, the shares have traded as low as $0.10 and as high as $0.88. On average, 166783 shares of TX.TO exchange hands on a given day and today's volume is recorded at 251513.
Source
