UPDATE 1-Canada's Corus need not reveal more on Shaw media deal -regulator

(Adds details of ruling, background)
By Alastair Sharp
TORONTO, March 7 (Reuters) - A major Canadian securities
regulator on Monday ruled that Corus Entertainment Inc CJRb.TO
need not disclose more details of its C$2.65 billion ($2
billion) proposal to buy media assets from Shaw Communications
Inc SJRb.TO , meaning a shareholder vote due on Wednesday could
proceed.
The Ontario Securities Commission's three-person panel
issued the ruling in response to an application from private
equity firm Catalyst Capital, a minority Corus shareholder
fiercely critical of the deal. Catalyst argued the deal would
unfairly benefit the Shaw family, which controls both companies,
to the detriment of minority investors.
Corus investors are due to cast ballots on Wednesday. Both
Catalyst and Corus claim the support of a majority of
non-controlling investors, whose approval is necessary to win
the vote.
A deadline to submit a proxy vote passed at 10 a.m. EST
(1500 GMT) on Monday.
The deal, if approved, would give Corus control of more than
one-third of the English-language TV market in Canada, and help
Shaw fund its expansion into wireless via the purchase of Wind
Mobile.
The OSC panel said it made the ruling without hearing the
full merits of the case because there had already been a
"vigorous" public debate since the deal was announced on Jan.
13.
"We're not persuaded that granting standing to Catalyst
would lead to an outcome that would be beneficial to minority
shareholders that has not already been achieved," OSC Vice-Chair
Grant Vingoe said while delivering the ruling.
Canada Pension Plan Investment Board, the country's largest
pension fund, has said it would vote for the deal. CPPIB held
610,000 of Corus' non-voting Class B shares as of the end of
March 2015, making it one of the company's top 20 investors.
Catalyst holds almost 322,000 such shares, according to its
filing to the OSC.
Corus has almost 84.5 million Class B shares outstanding,
according to Thomson Reuters data.