Canaccord Financial Inc. is in talks about merger and acquisition opportunities during a conference call with analysts yesterday, despite reporting nearly doubled revenue this quarter.

The company has extended its sphere via loads of acquisitions over the past decade. Most recently, Canaccord acquired Boston-based Adams Harkness Inc., and Intelli Partners Ltd., a Scotland-based firm that brought Canaccord 15 new broker relationships in the financial and investment trust space this quarter.

"Any acquisition we would look at… firstly, would have to have a strong cultural and strategic fit for us to take a look at it. And then any acquisition we would look at, as we've always stated, would have to be accretive to earnings immediately", Mr. Reynolds quoted.

It is revealed that regulators contacted Canaccord about the report of acquisitions talks, however, were informed that no offer had been made to purchase Genuity.

Genuity, established five years ago by former CIBC World Markets investment bankers led by David Kassie, Genuity's chief executive officer. The firm occupies the 11th place in the Canadian equity sales last year, with 13 transactions valued at $1.12 billion, cited the Bloomberg data.

The Globe's Streetwise blog posted today that Canaccord, may acquire Genuity for between C$120 million ($113 million) and C$150 million. At least 75 percent of the takeover would be paid with stock, the Globe said, citing an unidentified person.