TORONTO — Shares in Gluskin Sheff + Associates Inc. soared nearly 30 per cent after the company signed a deal to be acquired by private equity firm Onex Corp. worth $445 million.
Gluskin Sheff shares were up $3.18 at $14.35 in trading on the Toronto Stock Exchange late Monday morning.
Onex announced its friendly offer for Gluskin Sheff of $14.25 per share after the close of markets on Friday.
Onex chairman and chief executive Gerry Schwartz called Gluskin Sheff one of the largest and most respected independent wealth management firms in Canada.
Under the agreement, Gluskin Sheff will continue to be led by its existing leadership team and operate under its brand.
The deal, which requires regulatory, shareholder and court approvals and well as the satisfaction of customary closing conditions, is expected to close in the first half of 2019.
Companies in this story: (TSX:ONEX, TSX:GS)
The Canadian Press