Tuckamore Capital Management Inc , which invests in early- and mid-stage private companies, said on Wednesday it believes a leading proxy advisory firm's recommendation against a proposed management-led takeover of Tuckamore is flawed. The buyout plan, backed by private equity firm Birch Hill Equity Partners, has already faced significant public opposition from shareholders that control close to 30 percent of Tuckamore's shares. Earlier this week proxy advisory firm ISS, or Institutional Shareholder Services, advised its clients not to back the proposal.ISS said in a report the Tuckamore board's decision to forgo an auction process was a cause for concern, as investors lack "market-based evidence that the deal presented in fact represents the best available alternative."The firm described the termination fee tied to the deal as unusually high, arguing it may have deterred other potential bidders from offering investors a meaningful premium above the final offer.Tuckamore argued the ISS argument against its buyout plan was flawed.
Shares of TX fell by 4.82% or $-0.04/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, 179757 shares of TX.TO exchange hands on a given day and today's volume is recorded at 85847.
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