Torstar’s board favors NordStar Capital acquisition deal: Reuters

Canadian media company's board Torstar has recommended the proposed acquisition by Canadian private equity firm NordStar Capital, dismissing Canadian Modern Media Holdings's offer of 80 Canadian cents per share, reported Reuters.

The board of Canadian media company Torstar has recommended the proposed acquisition by Canadian private equity firm NordStar Capital, dismissing Canadian Modern Media Holdings’s offer of 80 Canadian cents per share, reported Reuters. The news wire noted that the Torstar board “determined that Canadian Modern’s updated proposal did not constitute a superior proposal.” 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 percent increase over NordStar’s previous bid.

Source: Reuters