CanWest sells Kiwi stake for $300 million

WINNIPEG and AUCKLAND - CanWest Global Communications is officially getting out of New Zealand. The company announced this morning that its subsidiary, CanWest MediaWorks Ireland Holdings (CMIH), has accepted a takeover offer from HT Media Limited (HT Media) with respect to all of the shares that it holds in CanWest MediaWorks (NZ) Limited (MWL) for a cash price of NZ$2.33 per share (CMIH had previously received a special dividend of NZ$0.10 per share, approximately NZ$16 million in total, from MWL). CMIH holds approximately 70% of MWL's issued ordinary shares and its acceptance fulfills the minimum acceptance condition in the takeover...