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
Senior staff writer Frederick Blichert comes to realscreen with a background as a journalist and freelance film critic. He has previously written for VICE, Paste Magazine, Senses of Cinema, Xtra, Canadian Cinematographer and elsewhere. He holds a Master of Arts in film studies from Carleton University and a Master of Journalism from the University of British Columbia.

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