TORONTO – Score Media now has 120 days to find a buyer after minority shareholder Alliance Atlantis turned down a chance to buy the company whose central asset is analog sports channel The Score.
Score’s primary shareholder Levfam Holdings, which is controlled by Score Media’s CEO John Levy, put the company in play last month by offering its shares to Alliance Atlantis for $2.90 per. At the time, Score Media’s shares were trading at $1.60. Today, its share price is off over 6% down to $1.92.
The shares were offered to AA "pursuant to a Respective Rights Agreement made November 24, 2000, to which Levfam, Alliance Atlantis and Score Media are parties," says today’s press release.
The provisions of the Respective Rights Agreement provide that Levfam will now have a period of 120 days during which it may enter into a binding agreement to sell its shares in Score Media to one or more third parties, provided that such sale is made for a price and on terms and conditions no more favourable than those offered to Alliance Atlantis in the notice.
However, there can be no assurance that any such transaction will occur, adds the release.
Suitors could be all of the usual suspects (CanWest, CTVglobemedia, Rogers, Corus, Insight Sports, etc.), one supposes.
