April 15, 2013 / 3:39 PM / in 5 years

Gluskin Sheff says sought sale, but will stand pat

TORONTO (Reuters) - Canadian asset manager Gluskin Sheff + Associates Inc GS.TO recently sought bids for the company, but it said on Monday it has decided to hold off on a sale for now, triggering a sharp slide in its shares.

In a statement responding to a Globe and Mail report that the company was entertaining offers, Gluskin said it had explored the possibility of a sale at the request of founding shareholders Ira Gluskin and Gerald Sheff.

However, it said the search for bids had concluded.

“The founders, the board and management have concluded that the current platform remains an excellent way to serve clients and enhance shareholder value at this time,” the company said in a statement.

The company’s shares, which were up 35 percent in 2013 coming into the session, sharply outperforming the 1.3 percent rise of the TSX financials index, were down 6.3 percent at C$17.75 by mid-morning.

($1 = $1.0135 Canadian)

Reporting By Cameron French and Andrea Hopkins; Editing by Janet Guttsman and Andrew Hay

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