TORONTO – All that’s left are the regulators now.
The deadline for CHUM Limited shareholders to deposit their shares to Bell Globemedia under the terms of the purchase offer made in July came and went today and the two companies said BGM now owns approximately 6.71 million common shares, representing more than 99% of that class of shares, and approximately 21 million class B shares, representing more than 98%.
BCE/Torstar/Woodbridge/Teachers Pension plan-owned BGM made an offer to purchase radio and TV broadcaster CHUM, controlled by the Waters family, for $1.7 billion, paying $52.50 cash per common share and any and all of the outstanding class B shares for $47.25 cash per class B share.
BGM intends to acquire the remaining common shares and class B shares as soon as practicable in accordance with applicable law. Upon the completion of any such acquisition, BGM intends to de-list the common shares and the class B shares from the Toronto Stock Exchange.
CHUM shares will now be placed in the hands of an independent trustee, who was not named in the release, pursuant to a voting trust agreement approved by the CRTC. Control of CHUM will reside with the trustee pending consideration by the CRTC of BGM’s application for approval of its acquisition of CHUM.
