Belzberg Technologies calls off sale

Belzberg Technologies calls off sale

Toronto-based direct trading software firm Belzberg Technologies says it has taken itself off the market after failing to receive an offer for its business that was "fair and equitable to its shareholders".

Belzberg said in August 2006 that it had formed a special committee of independent directors to explore "strategic alternatives" for the company.

But in today's statement the vendor says there were several indications of interest but none reflected a value that its board believed was fair and equitable to its shareholders.

The company says it "may revisit a similar process at some point in the future".

Belzberg also says that it continues to believe that its current stock price does not properly reflect the company's value, given its strong balance sheet, current growth and its growth prospects both in terms of revenue and profitability.

Belzberg's shares closed at CDN$6.05 on Wednesday. The stock price has been falling since hitting a high of CDN$11.50 last October and hit a new year low of CDN$6.00 in August.

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