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Torstar shares halted on competing bid report

Published 2020-07-09, 11:02 a/m

July 9 (Reuters) - Trading in shares of Torstar Corp TSb.TO was halted on Thursday, after a report said two investors were proposing to offer a competing bid of about $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%, The Globe and Mail reported https://tgam.ca/31Zobq3, 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 https://www.torstar.com/images/Torstar_press_release_-_May_26_2020.pdf in May.

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