Davy has decided to shut Cantor Fitzgerald out of the sales process for the embattled stockbroker, citing concerns over giving sensitive information to what it sees as the only direct competitor among potential bidders. Cantor Fitzgerald Ireland’s chief executive, Ronan Reid, confirmed to The Irish Times that his firm was initially invited into the sale process through Davy’s advisers, investment bank Rothschild. He said that he was commenting because his staff are being asked regularly about the matter, following reports in the past month that cited Cantor as a likely bidder for Davy. The regulator also found that Davy kept its own compliance officials in the dark on the deal. A sale process is expected to take take months.

Source: The Irish Times April 17, 2021 03:56 UTC