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Home Capital Rejects Offer, Five Years After Buffett Rescue

  • Canada’s Home Capital says unnamed party bid at least C$1.2B
  • Cash offer ‘falls short’; shares rise to highest since May
A sign for Home Trust Co., a unit of Home Capital Group Inc., in Toronto

A sign for Home Trust Co., a unit of Home Capital Group Inc., in Toronto

Photographer: Cole Burston/Bloomberg
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Home Capital Group Inc., the Canadian mortgage lender that Berkshire Hathaway Inc. helped rescue five years ago, says it turned down an approach from an unnamed buyer because the price was too low. 

Toronto-based Home Capital didn’t disclose the exact amount of the offer but said it was more than C$28.60 a share -- the maximum price on a stock buyback it recently announced. That means the takeover approach valued the company at at least C$1.2 billion ($930 million).