A rival bidder has appealed a court decision approving NordStar’s $60-million takeover of the Toronto Star’s publisher — but Torstar’s chair says the company still plans to close the deal this week. To further delay this transaction would cause harm to shareholders and the company,” said John Honderich in an interview Tuesday afternoon. “This was an already difficult time for this industry, and it has been made more so by the pandemic. On Tuesday afternoon, a notice of appeal was filed by lawyers for Canadian Modern Media Holdings. CMMH’s lawyers also argued that there is no urgent need for the NordStar deal to close quickly, claiming NordStar’s offer doesn’t expire until September 30.

Source: thestar July 28, 2020 19:44 UTC