Sun directors advise shareholders to sit tight on Torstar takeover bid
Article Abstract:
Sun Media Corp.'s shareholders are told not to do anything until the company's board of directors completes its review of Torstar Corp.'s takeover offer. Toronto, Ontario-based Torstar offered to acquire Toronto-based Sun Media for an estimated C$747 million. Under the terms of the bid, Torstar is offering C$12 cash and one-quarter of a non-voting class B share of Torstar for every Sun Media share. According to a pro forma balance statement, Torstar's C$334 million in long-term debt would rise to C$1.3 billion after the takeover. The pro forma financial statement also showed a slight gain in net income to C$7.5 million for the quarter ended Sept. 30, 1998 from Torstar's profit of C$4.1 million during the quarter.
Comment:
Co board of directors advices shareholders not to do anything until the board completes its review of Torstar Corp's takeover
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Calgary Herald files defamation suit against union
Article Abstract:
Southam Inc.'s Calgary Herald newspaper has filed a lawsuit against the Communications, Energy and Paperworkers Union of Canada (CEP) and its two officials over a slanderous press release. The defamation suit is seeking a combined C$12 million in damages from the union and its two officials, which includes CEP's media division national VP Gail Lem. Based on the Herald's statement of claim, the union said in a press release issued on Oct. 13, 1998, that apart from issues on editorial integrity, the management exercised unfair and arbitrary treatment that drove the union to have a union vote. The CEP's request to conduct a union vote was recently approved by the Alberta Labour Relations Board.
Comment:
Files a defamation suit against the Communications, Energy & Paperworkers Union of Canada & its two officials
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Torstar bid for Sun heats up newspaper war
Article Abstract:
Torstar Corp., the publisher of Canada's largest newspaper, the Toronto Star, has offered to buy Sun Media Corp., which publishes The Toronto Sun, for C$748 million or C$16 per share in cash and stock. However, the unsolicited bid, which is expected to give Torstar a 26% market share if successful, still has to get approval from the Competition Bureau of Ottawa, the agency tasked to assess the impact of the merger in newspaper competition in Canada. Sun Media Chairman Paul Godfrey declined to comment on the bid, noting the matter will be presented first to the company's board of directors.
Comment:
Offers to buy Sun Media Corp, which publishes The Toronto Sun, for C$748 mil or C$16 per share in cash and stock
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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