11:37 AM EST - Canaccord Financial Inc. : said it has signed a definitive agreement to acquire Genuity Capital Markets, creating the gold standard full-service independent investment bank. The definitive agreement provides that Canaccord will acquire 100% of Genuity for consideration consisting of 26.5 million Canaccord common shares and cash of $30 million. In addition, the vendors will receive up to $28 million as a working capital adjustment subsequent to closing. Based on the closing price of Canaccord's common shares on Thursday, March 4, 2010 of $8.60, this values Genuity at around $285.9 million. It is expected that this transaction will be immediately and significantly accretive to Canaccord's earnings. Canaccord Financial Inc.
shares T.CF are trading up $0.71 at $9.31.
