Radio / Television News

Court approves Shaw’s bid for Canwest

CALGARY – The Ontario Superior Court of Justice has approved Shaw’s takeover bid of Canwest, despite a last minute rival bid lead by investment fund Catalyst Capital, the Asper family and two former Rogers execs.The Calgary-based cable company has entered into agreements with Canwest and certain 8% senior subordinated noteholders for a minimum commitment to buy $95 million worth of Class A voting shares in a restructured Canwest, which represents 20% equity and an 80% voting interest. Shaw's initial equity interest will exceed 20% depending on the number of Canwest creditors that elect cash rather than shares in restructured Canwest, the press...