Trading in shares of Torstar Corp was halted on Thursday, after a report said two investors were proposing to offer a competing bid of about US$58 million for the Toronto Star newspaper publisher.
Matthew Proud, the chief executive officer of software firm Dye & Durham Corp, and his brother Tyler Proud would up the ante on Nordstar Capital’s offer of $0.63 per share by about 14 per cent, The Globe and Mail reported, citing sources familiar with the matter.
Torstar did not immediately respond to a request for comment.
The special meeting of Torstar shareholders to approve Nordstar’s offer is expected to be held in mid-July, the Canadian media company said in May.
© Thomson Reuters 2020