The new special committee consists of two directors, one of which – Terrence Lyons – was hand-picked by Skky.
“Every single day, every single bank and investment bank has some issue like this and it is immaterial, but it does impact change of control which is why the company disclosed it,” the source said, whom The Globe and Mail has agreed not to identify as the person is not authorized to comment publicly.
In addition to the regulatory issue, Canaccord also announced Monday that the management takeover bid would no longer require the company to only seek rival bids for the entire business. The offer had previously included a condition that prevented the company from looking for potential buyers of certain Canaccord divisions, such as its lucrative wealth management business in the United Kingdom.