Judge withholds making a decision on friendly takeover of Torstar by NordStar

TORONTO – An Ontario judge has put off a decision on the proposed $60-million friendly takeover of Torstar Corp.

The judge says she needs more time to read in detail the documents provided to her late on Wednesday by two groups that want to block the deal with NordStar Capital LP.

Court approvals are routinely required by law after shareholders vote on this type of transaction.

Torstar and NordStar asked for the hearing prior to the Tuesday shareholder vote that endorsed their deal by a wide margin.

Their lawyers requested a quick reply from the judge despite the objections raised by the losing bidder.

But Justice Cory Gilmore decided after a one-hour hearing to take time to consider documents presented by lawyers for two objecting groups, including a rival bidder and an individual shareholder.

This report by The Canadian Press was first published July 23, 2020.

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Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal’s La Presse.

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