Torstar Corporation Provides Update On Arrangement With NordStar Capital LP

    TORONTO, July 29, 2020 /CNW/ – Torstar Corporation (“Torstar”) (TSX:TS.B) today announced that it has delayed the completion of its plan of arrangement with NordStar Capital LP ( “NordStar”), pursuant to which NordStar will acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar at a price of $0.74 per Share (the “Arrangement”), which it had previously expected to complete on or about July 30, 2020.

    On July 27, 2020, the Ontario Superior Court of Justice (Commercial List) granted Torstar a final order approving the Arrangement (the “Final Order”). On July 28, 2020, Matthew Proud and Canadian Modern Media Holdings Inc. (“CMMH”), which had unsuccessfully sought to acquire Torstar and whose objections were dismissed by the court in granting the Final Order, filed a notice of appeal in respect of the Final Order and are seeking a stay in respect thereof. Torstar believes the position advanced by Mr. Proud and CMMH is without merit and will vigorously oppose the stay motion.

    Torstar will provide further information regarding the expected closing of the Arrangement as soon as available.

    Click here to read a PDF of the full press release.

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