GDI Investors Oppose Birch Hill Takeover Bid; Shares Fall (1)

Two major shareholders in Canada’s GDI Integrated Facility Services Inc. say they’ll reject a take-private bid from Birch Hill Equity Partners Management and the company’s top executive.

Gestion de Portefeuille Strategique Medici Inc., which holds 15.4% of GDI’s subordinate voting shares, said the offer of C$36.60 per share is too low. It’s “unfair to shareholders, and does not reflect GDI’s intrinsic value or its medium- and long-term prospects,” the firm said in a news release.

A portfolio manager with Montrusco Bolton Investments Inc. told Bloomberg News the firm doesn’t plan to support the current offer. Montrusco holds 13% of ...