TORONTO — The $60-million acquisition of the Torstar Corp. newspaper group by NordStar Capital LP was approved this morning as expected, despite a last-minute revised proposal from a rival group.
A preliminary count of votes tallied after a brief online meeting showed the deal recommended by Torstar's board received the necessary support from the company's shareholders.
The board issued a statement prior to the meeting that NordStar's amended offer remained superior to the latest proposal from Canadian Modern Media Holdings Inc.
CMMH increased its proposed offer to 80 cents per share in cash on Monday but Torstar said NordStar's offer of 74 cents per share was superior because it could be completed more quickly.
NordStar's initial offer was worth $52 million or 63 cents per share when announced on May 27 but was increased after the rival group came forward with another proposal on July 10.
Under the NordStar plan, Torstar will delist its shares from the Toronto Stock Exchange and the publishing business will continue to be managed by its current executive team.
Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal's La Presse.
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