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
Daniele Alcinii is a news reporter at realscreen, the leading international publisher of non-fiction film and television industry news and content. He joins the rs team with journalism experience following a stint out west with Sun Media in Edmonton's Capital Region, and communications work in Melbourne, Australia and Toronto. You can follow him on Twitter at @danielealcinii.

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