US Markets

Torstar's board favors NordStar deal, snubs Canadian Modern offer

Credit: REUTERS/Mark Blinch

Canadian media company Torstar Corp said late Monday its board has recommended the proposed acquisition by private equity firm NordStar Capital, snubbing an offer of 80 Canadian cents per share in cash from Canadian Modern Media Holdings Inc.

July 20 (Reuters) - Canadian media company Torstar Corp TSb.TO said late Monday its board has recommended the proposed acquisition by private equity firm NordStar Capital, snubbing an offer of 80 Canadian cents per share in cash from Canadian Modern Media Holdings Inc.

The board determined that Canadian Modern's proposal would not be reasonably capable of being completed without undue delay relative to the NordStar transaction, Torstar said.

Earlier this month, Torstar reached an amended agreement to be acquired by NordStar at a price of 74 Canadian cents per share, a 17.5% increase over NordStar's previous bid.

(Reporting by Praveen Paramasivam in Bengaluru, Editing by Sherry Jacob-Phillips)

((Praveen.Paramasivam@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More