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CGI Group downgraded to sell by Canaccord on founders moves to monetize
Posted on May 08, 2008
Following the actions of the founders of computer-services outsourcing firm CGI Group Inc. to monetize up to 11 million shares while maintaining control of the company, Canaccord Adams analyst Dushan Batrovic has downgraded the stock to a sell. He says in a note to clients he does not like the implications of an arrangement that will have company management take considerable money off the table without seeing any reduction in control. He also suggests that the timing of the move is somewhat inopportune for investors as it coincides with a share price that is near a five-year h...
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