CHUM approves $1.7 billion offer from BGM

TORONTO – Bell Globemedia wants to pay $1.7 billion for CHUM Limited. As reported earlier today, BGM will pay $52.50 per common share and $47.25 per non-voting class B share. The cash consideration represents a 50% premium over the 10-day weighted average trading price of the common shares and a 57% premium over the 10-day weighted average trading price of the non-voting class B shares. Both the board of directors of CHUM and the controlling Waters family have approved the deal. Prior to the deal, however, the company today announced the layoff of 281 staffers at its operations around the...