Torstar shareholders vote in favour of NordStar acquisition
The shareholders of Toronto-based Torstar Corporation have voted 98.7% in favour of the acquisition proposed by NordStar Capital in May. Via this deal, NordStar will acquire all issued and outstanding Class A shares and Class B non-voting shares of Torstar at a price of $0.74 per share. This represents an increase from the originally proposed $0.63 per share and from the $0.72 per share proposed by a second group of investors earlier this month. The acquisition remains subject to some closing conditions, including court approval. The deal is expected to close by July 28.