(Reuters) - Canadian media company Torstar Corp (TSb.TO) said on Tuesday it has received court approval for its proposed acquisition by private equity firm NordStar Capital LP.
The Ontario Superior Court of Justice approved NordStar’s revised take-private bid of C$0.74 per share, and the deal is expected to be completed on or about July 30, 2020, Torstar said.
NordStar had raised its offer after the media company received a competing, unsolicited bid from a private investor group earlier this month.
Torstar began publishing newspapers in 1892 and is the publisher of the Toronto Star, which is Canada’s largest daily newspaper, as well as various regional and community newspapers, in addition to its online properties such as thestar.com.
Reporting by Neha Malara; Editing by Aditya Soni