Torstar Corporation (“Torstar”) (TSX:TS.B) today announced that the Ontario Superior Court of Justice (Commercial List) has approved its previously announced plan of arrangement involving NordStar Capital LP ( “NordStar”), pursuant to which NordStar will, among other things, acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar (the “Shares”) at a price of $0.74 per Share (the “Arrangement”).
The Arrangement is expected to be completed on or about July 30, 2020 and remains subject to the satisfaction or waiver of certain customary closing conditions.
Upon closing of the Arrangement, shareholders of Torstar will be entitled to receive $0.74 in cash for each Share held. Registered shareholders of Torstar can submit their share certificates along with a duly completed letter of transmittal in order to receive the cash consideration under the Arrangement. A letter of transmittal reflecting the original consideration of $0.63 per Share was previously mailed to all registered shareholders. An amended and restated letter of transmittal reflecting the amended consideration of $0.74 per Share has been filed under Torstar’s issuer profile at www.sedar.com and is available on Torstar’s website at www.torstar.com. Registered shareholders of Torstar who properly complete, duly execute and deliver either the original or the amended and restated letter of transmittal, along with their share certificates, will receive the cash consideration of $0.74 per Share pursuant to the Arrangement.
Following closing of the Arrangement, the Class B non-voting shares are expected to be delisted from the Toronto Stock Exchange and Torstar expects that it will cease to be a reporting issuer under applicable Canadian securities laws.