BMO, RBC Lead Crescent Point Clean-Up Trade Following Hung Deal
- Re-offer price values syndicate’s shares C$7.3 million lower
- Bought deal failed to win widespread investor backing
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A syndicate led by Bank of Montreal and Royal Bank of Canada is executing a clean-up trade on shares of Crescent Point Energy Corp., according to people familiar with the matter, after a hung deal last week left the lenders holding onto millions of shares.
Crescent Point shares were re-offered to clients at C$9.70 each, according to terms of the deal seen by Bloomberg News. That’s 60 Canadian cents less than the price at which the BMO-and RBC-led syndicate underwrote the share sale last week.