TV

Shaw one step closer to Global

The Ontario Superior Court of Justice has cleared away another hurdle in the $2 billion deal that will see Shaw Communications acquire Canwest Global Communications' broadcasting assets.
June 24, 2010

The Ontario Superior Court of Justice has cleared away another hurdle in the $2 billion deal that will see Shaw Communications acquire Canwest Global Communications’ broadcasting assets. The offer was complicated this week when former CEO Leonard Asper and a group of Canwest shareholders filed last-ditch documents in a bid to appeal the Shaw deal and start another auction process. The group complained that the deal undervalued the assets and that it didn’t contain 2.3% equity interest given to them in February.

An out-of-court settlement Wednesday June 23 saw that $11 million equity interest paid, clearing the decks for a July 19 confirmation vote by affected Canwest creditors. Should that vote result in a positive majority, a further motion will be brought before the Court on July 28 for a final approval of the deal. The deal is still subject to approvals from the CRTC and the Competition Bureau.

About The Author
Meagan Kashty is an associate editor of realscreen, an international print and online magazine that covers the non-fiction film and television industries. Meagan is an award-winning business journalist. Prior to joining the realscreen team, Meagan was online editor of Canadian Grocer, named Magazine of the Year at the 2015 Canadian Business Media Awards. She can be reached at mkashty@brunico.com, and you can follow her on Twitter @MegKashty

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