Family-controlled Shaw Communications Inc. of Canada won court approval for its acquisition of the broadcast arm of the bankrupt Canwest Global after it agreed to pay C$11 million (U.S.$10.6 million) to Canwest shareholders “who had complained of being shut out of the deal,”
Reuters reported.
Under the original deal, approved in February, Shaw would buy a 20% equity interest in Canwest, and common shareholders would receive 2.3% of the stock, according to the report. The agreement was amended in May to allow Shaw to buy 100 of Canwest’s bankrupt broadcast assets.
But a group of Canwest shareholders, led by the company’s founding Asper family, tried to get the sale process reopened, saying the amended deal left them out in the cold.
The sale of Canwest’s newspaper assets, including the
National Post
and
Ottawa Citizen,
in a separate transaction was approved by an Ontario court, the article said. (Source: Reuters, June 23, 2010.)
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