Topic: How To Invest

The Successful Investor Hotline – Friday, July 10, 2020

Article Excerpt

TORSTAR CORP., $0.70, Toronto symbol TS.B, is still a hold. The company publishes The Toronto Star, Canada’s largest daily newspaper by circulation. Its other daily and weekly papers are spread across Ontario. In 2015, the company acquired 56% of VerticalScope, a private firm that operates over 600 online forums and a variety of websites. This week, Canadian Modern Media Holdings Inc., a private group formed by Matthew Proud and his brother Tyler Proud, has reportedly offered to buy the company for $0.72 a share, or a total of $58 million. The new offer is 14.3% higher than a $0.63-a-share takeover offer from NordStar Capital LP. The Bitove and Rivett families control that private firm. Torstar’s controlling shareholders have already agreed to tender their class A voting shares to the NordStar offer. Fairfax Financial Holdings Ltd. (Toronto symbol FFH), which owns 40.3% of the outstanding class B non-voting shares, also supports the NordStar deal. If Torstar decides to accept the Canadian Modern Media offer, it would…

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