Legal experts say it is possible that Gilmore could block the $60-million deal, which on Tuesday was overwhelmingly approved by Torstar shareholders, but they doubted she would, unless new evidence is presented. “Approval by about 82 per cent of the disinterested shareholder in this case will carry a lot of weight with the judge,” Pascutto said. On Tuesday, 98.7 per cent of Torstar shareholders voted in favour of the 74-cent-per-share bid from NordStar. Minority shareholders, including former Hamilton Spectator publisher Pat Collins, are also expected to oppose the NordStar bid. “It is rare for a court to block a proposed takeover on the basis of a breach of directors’ duties.

Source: thestar July 22, 2020 22:18 UTC