Maxam announces that its offer for C.A. Bancorp of Toronto has expired

The Canadian Press ~ The News
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VANCOUVER - The battle between Toronto-based merchant bank C.A. Bancorp Inc. (TSX:BKP) and a hostile bidder has come to an end, with Maxam Opportunities Fund Ltd. backing away from its offer.
The self-described alternative asset manager announced late Tuesday that it has let its takeover offer for C.A. Bancorp expire after an increased offer of $1.48 per share was rejected by the bank.
Bancorp wanted $1.60 per share.
Maxam boosted its offer last month to $1.45 per share in cash from a previous offer of $1.22 a share. Maxam increased its offer again this week to $1.48 but the offer was rejected by Bancorp.
Vancouver-based Maxam calls itself an alternative asset manager, which invests in and manages private equity investments and other alternative assets.
C.A. Bancorp is a publicly traded merchant bank focused on investments in small- and middle-capitalization public and private companies, with emphasis on the industrials, real estate, infrastructure and financial services sectors.

Organizations: C.A. Bancorp Inc., TSX, Maxam Opportunities Fund

Geographic location: Toronto, VANCOUVER

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