January 11, 2010 / 12:44 PM / 9 years ago

UPDATE 1-CA Bancorp in talks with interested buyers

* Numerous parties have submitted expressions of interest

* Advises shareholders not to tender shares to Maxam offer

TORONTO, Jan 11 (Reuters) - C.A. Bancorp Inc BKP.TO, a small Canadian merchant bank facing a hostile bid from private equity firm Maxam, said on Monday it is talking with parties interested acquiring the company.

The company said a number of parties have submitted non-binding expressions of interest at higher prices than Maxam’s unsolicited bid.

Maxam’s offer of C$1.22 per share values the company at about C$33 million, or less than half of what C.A. Bancorp claims is its book value.

C.A. Bancorp has advised shareholders not to tender shares to the Maxam offer, until its board and its advisors have had an opportunity to explore all available alternatives.

Maxam’s cash offer is open for acceptance until Jan. 12.

C.A. Bancorp is focused on investments in small- and mid-cap public and private companies, in sectors that include industrials, real estate, infrastructure and financial services. (Reporting by Euan Rocha; Editing by Derek Caney)

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