A member of one of five families that control Torstar Corp. has spoken out to say he does not support the NordStar takeover — but the Torstar chair fired back Saturday, saying the families overwhelmingly support the deal and the single member who spoke out is not a major shareholder. The voting trust and Fairfax signed the lock-ups July 11 after NordStar raised its 63-cent per share bid to 74 cents. On Tuesday, 98.7 per cent of Torstar shareholders voted in favour of the 74-cent-per-share bid from NordStar, controlled by entrepreneurs Jordan Bitove and Paul Rivett. Even among shareholders who hadn’t signed lock-ups, support was strong, with 81.9 per cent voting in favour. During the hearing, Gilmore said she needed more time to examine written submissions by NordStar, Torstar, rival bidder Canadian Modern Media Holdings, and a minority shareholder.

Source: thestar July 25, 2020 22:30 UTC