CanWest calls for truce in tussle over WIC
Article Abstract:
CanWest Global Communications Corp., the most profitable broadcasting firm in Canada, has called for a truce with Shaw Communications Inc. regarding their bid to own WIC Western International Communications Ltd. However, Shaw appears not interested to have talks with CanWest because the former is nearing to acquire a magic equity number and already sitting on nearly 50% of the voting stock of WIC. CanWest Executive Vice-President Tom Strike commented the company can hinder any consolidation of WIC into Shaw since the consolidation would compel Shaw to acquire a minimum two-thirds of the WIC equity. CanWest owns 46% of WIC B shares, while Shaw holds 48% of WIC B shares.
Comment:
Calls for a truce with Shaw Communications Inc regarding their bid to own WIC Western International Communications Ltd
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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CanWest bid highest for WIC A shares
Article Abstract:
CanWest Global Communications Corp. made the highest offer to buy the Griffiths family's voting A shares in WIC Western International Communications Ltd., but the family rejected the offer for insisting on a majority of board seats. The details were part of a British Columbia Supreme Court case that is looking into the possible use of WIC's coattail provision when the Griffiths sold A and B shares to Shaw Communications Inc. CanWest claimed that the coattail, which turns non-voting B shares into A shares, was triggered in the Griffiths-Shaw deal and that the deal was abusive to minority shareholders.
Comment:
Made highest offer to buy Griffiths' voting A shares in WIC, but family rejected offer for insisting on majority of board seats
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Judge tunes out CanWest
Article Abstract:
Mr. Justice Robert Blair of the Ontario Court's General Division has rejected CanWest Global Communications Corp.'s offer to overturn key parts of Shaw Communications Inc.'s C$975-million offer for WIC Western International Communications Ltd. CanWest's all-cash offer was dependent on a favorable court ruling. Now, with the ruling, CanWest will be forced to decide whether to keep its offer for WIC alive by dropping the conditions. If it drops the conditions, it can only acquire WIC without its 12 radio stations.
Comment:
Offer to overturn key parts of Shaw Communications C$975-million offer for WIC Western International Communications
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Comment about this article or add new information about this topic:
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