SUN MEDIA RECOMMENDS QUEBECOR DEAL TO SHAREHOLDERS
By Adnews Staff
The board of Toronto-based Sun Media Corp. has recommended to its shareholders that they accept Quebecor Inc.'s purchase offer of $983 million. The board believes the offer is fair, and represents a 9.1% premium over the amended Torstar Corp. offer. Torstar had recently offered Sun Media $900 million. The board feels the Quebecor is the best alternative available to Sun Media. Holders of about 34% of Sun Media common share have already irrevocably agreed to tender their shares to the Quebecor offer. In addition, Sun Media believes there are no regulatory hurdles, and all directors and senior officers of Sun Media intend to accept the bid. Quebecor publishes four daily newspapers, as well as 56 weekly and community newspapers. Sun Media publishes seven daily newspapers, seven daily community newspapers, 96 weekly community newspapers and shopping guides in Canada and in Florida, as well as 19 farming and other specialty publications. The Quebecor offer expires Jan. 5.