(Reuters) - Torstar Corp (TSb.TO) said on Thursday a private investor group has offered to buy the company, rivaling private equity firm Nordstar Capital’s 63 cents per share bid for the Toronto Star newspaper publisher.
The Globe and Mail reported tgam.ca/31Zobq3 on Wednesday that Matthew Proud, the chief executive officer of software firm Dye & Durham Corp, and his brother Tyler Proud were proposing to offer about $58 million for Torstar.
The competing bid would up the ante on Nordstar’s offer by about 14%, the report said, citing sources familiar with the matter.
Torstar did not disclose the financial details of the new offer and said it was engaging in talks with the investor group. Trading in shares of the company was halted on Thursday morning.
The Canadian media company also said its board still recommends that shareholders approve Nordstar’s offer at the special meeting on July 21.
Reporting by Ayanti Bera in Bengaluru; Editing by Aditya Soni