Difference Capital, Benev feud over $103 mln royalties deal
Canadian specialty finance firm Difference Capital Financial has objected to an announcement by portfolio company Benev Capital Inc (TSX-V: BEV) that it will buy royalties from Franworks Franchise Corp for about $103 million. Difference Capital said the announcement did not reflect the unanimous recommendation of the board of directors, as directors did not include its nominees. The firm also said it is "skeptical as to the fairness of the process" that led to the transaction. Benev has responded, saying the deal was finalized before recent board changes, was properly processed, and enjoys the support of other shareholders.
11 July 2014•3 mins read
