Torstar bidding likely over

Over the weekend, NordStar Capital raised its bid to buy Toronto Star owner Torstar to $60 million (Canadian, around $44 million U.S.), the paper reported. The bid surpasses a competing $58 million ($42.7 million U.S.) bid from Canadian Modern Media Holdings.

The new NordStar bid has the support of Torstar’s board of directors, the voting trust of five families who control the Star’s A-class shares and Fairfax Financial, the biggest holder of B-class shares, the paper said.

Under the terms of the revised bid, the voting trust and Fairfax can’t alter their votes to support any other offer, a source told the paper, essentially bringing the competing bidding to an end.

Entrepreneurs Jordan Bitove and Paul Rivett are the core of NordStar.

“I’m beyond excited, humbled and really looking forward to the Star being around for the next 100 years,” said Bitove, the paper said.

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