SUN MEDIA HOLDS OFF ON DECISION FOR TORSTAR TAKEOVER
By Adnews Staff
The board of Toronto-based Sun Media Corp. has told its shareholders to delay making any decision in connection with Torstar Corp.'s hostile takeover bid. "Your Board of Directors is reviewing the offer and considering alternatives to the offer with a view to making a formal recommendation to our shareholders," the board's letter says. Last week, Sun Media retained CIBC Wood Gundy Securities as its financial advisor to review the offer and to consider all available alternatives. Toronto-based Southam Inc. and Quebecor, are considering a bid for the company. Torstar's bid is open for acceptance until Dec. 23. Sun Media publishes seven daily newspapers in major urban centres in Canada, as well as seven daily community newspapers, 96 weekly community newspapers and shopping guides in Canada and Florida and 19 farming and other specialty publications.