Torstar receives second acquisition offer
By Adnews Staff
Toronto-based media company Torstar Corporation has acknowledged the receipt of a new acquisition proposal from a group of private investors. The non-binding, unsolicited offer comes six weeks after the proposed acquisition of the publisher by investment company Nordstar Capital for 63 cents per share, or approximately $52 million.
According to media reports, the new offer has been made by investors Matthew Proud, Tyler Proud and Neil Selfe, and proposes a sale price of 72 cents per share, a 14% increase. In a statement, Torstar acknowledged that the offer may lead to a “superior proposal” and that it is in discussions with Nordstar concerning it. However, the board of Torstar continues to recommend that shareholders vote in favour of the Nordstar transaction on July 21.