The battle to acquire Torstar took a dramatic turn Saturday with the emergence of an improved $60-million bid from NordStar Capital, topping a rival $58-million offer from Canadian Modern Media Holdings. The improved NordStar bid had the unanimous support of the Torstar board — meaning board member Martin Thall, who had held out for a higher offer after NordStar’s previously-announced $52 million, has decided to support the new bid. The deal is expected to officially close July 28 and Bitove and Rivett have said they intend to take Torstar private. Bitove and Rivett initially offered 56.6 cents per share, but that offer was rejected by Torstar’s board. Torstar shares closed at 71 cents per share Friday, down one cent on the day.

Source: thestar July 11, 2020 23:47 UTC