Kevin O'Leary drops out of race

Kevin O'Leary is dropping out of the federal Conservative race and is endorsing another candidate.

In a statement, O'Leary says he will support Maxime Bernier, whom he says he is tied with as a front runner.

He writes that while he has support from party members in the West, he has not done well in Quebec.

"So here is what I'm going to do; I'm withdrawing my candidacy from the Leadership Race and throwing my full support behind Max," O'Leary says.  "I'm going to do everything I can to ensure he gets elected, and I'm going to ask my supporters to do the same. Together we will drive Justin Trudeau out of power in 2019, and we will work to get Canada's economy growing at 3 percent."

O'Leary is to hold a press conference with Bernier in Toronto Wednesday afternoon.

The final leadership debate is taking place in the evening.

"This was not an easy decision for me to make but after much thought and deliberation, it is the right one for the Conservative party and the country," he says.