TORONTO – The pitched PR battle between Corus Entertainment and shareholder The Catalyst Capital Group shows no signs of abating any time soon.
The latest salvo came late Thursday, when independent proxy advisory research firm Institutional Shareholder Services (ISS) reconfirmed its previous recommendation that Corus shareholders vote in favour of its proposed acquisition of Shaw Media.
In its updated analysis, ISS said that it has conducted a thorough review of the dissident’s (i.e. Catalyst) concerns, and reaffirmed its support for the strategic rationale of the acquisition.
“Even the dissident does not appear to have questioned the long-term strategic merits of the transaction”, reads the analysis.
In addition, in reference to Catalyst’s opposition to the deal, ISS goes on to say: “… defeating this transaction would simply block shareholders from benefitting from the strategic opportunities it presents. How that is in the best interest of all shareholders, including minority shareholders, remains unexplained in any of the dissident’s soliciting materials.”
According to the news release issued by Corus, ISS also advised shareholders to reject the dissident proxy released Wednesday by Catalyst.
"We are very pleased that ISS has reconfirmed its recommendation in support of our proposed acquisition of Shaw Media,” said Corus Entertainment president and CEO Doug Murphy, in the release. “As we have said from the outset, the acquisition of Shaw Media is in the interest of all Corus shareholders and strongly positions the company to compete and grow, both domestically and in international markets.”
Corus shareholders will vote on the proposed acquisition at a special meeting scheduled for March 9.
