The Globe and Mail reports in its Thursday, June 15, edition that executives at Canaccord Genuity Group have officially scrapped their all-cash $1.1-billion management buyout offer, ending a fight that turned into a hostile takeover from within and resulted in the resignations of multiple board directors. The Globe's Tim Kiladze writes that Canaccord executives announced early Wednesday that they have let their bid to take the company private expire. Canaccord's management also said it has agreed to a two-year standstill with the board. Canaccord shares closed Wednesday at $8, dropping to near where it was at trading when the takeover saga began five months ago. In January, the company's leaders launched their management buyout, backed by chief executive officer Dan Daviau and board chairman David Kassie, and set the price at $11.25 per share. Canaccord Genuity's shares were trading at $8.61 at the time. Despite investing in its wealth management division over the past decade, particularly in Britain, Canaccord is still seen as a traditional investment bank that profits handsomely during bull markets when deal volumes soar, and that suffers during downturns when advisory fees disappear.