Over the weekend, NordStar Capital raised its bid to buy
Toronto Star owner Torstar to $60 million (Canadian, around $44 million U.S. U.S.
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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