July 21, 2020 / 12:57 AM / 21 days ago

Torstar's board favors NordStar deal, snubs Canadian Modern offer

July 20 (Reuters) - Canadian media company Torstar Corp said late Monday its board has recommended the proposed acquisition by private equity firm NordStar Capital, snubbing an offer of 80 Canadian cents per share in cash from Canadian Modern Media Holdings Inc.

The board determined that Canadian Modern’s proposal would not be reasonably capable of being completed without undue delay relative to the NordStar transaction, Torstar said.

Earlier this month, Torstar reached an amended agreement to be acquired by NordStar at a price of 74 Canadian cents per share, a 17.5% increase over NordStar’s previous bid. (Reporting by Praveen Paramasivam in Bengaluru, Editing by Sherry Jacob-Phillips)

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