Canaccord's board rejects management-led group's $840 million buyout offer

(Reuters) - Canaccord Genuity Group Inc's board has rejected the C$1.13 billion ($840 million) take-private offer from a group led by the company's management, the Canadian firm said on Monday.

A regulatory condition is expected to remain unsatisfied at the time the offer expires on June 13 and so it was decided to reject the offer, the company said.

The development all but ends management's months-long campaign to acquire the company. Last week, the consortium had said there was "no reasonable chance" conditions of the offer would be met by the expiry date.

Since last year, several companies have signed deals to exit the public markets as rate hikes and inflation took a toll on valuations.

But regulatory scrutiny has torpedoed some high-profile deals, including Toronto-Dominion Bank's proposed $13.4 billion acquisition of First Horizon Corp.

Before reaching its decision, Canaccord's board consulted with a special committee of independent directors, which in February had recommended valuing the company between C$1.3 billion and C$1.6 billion, the company said.

Canaccord offers a slew of financial services including wealth management, investment banking and research.

(C$1 = $0.74)

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)