Home Finance Torstar shares halted on report of $58 million competing bid

Torstar shares halted on report of $58 million competing bid

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

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