TORONTO and WINNIPEG – Disgruntled Canwest Global shareholders, including the Asper family, are continuing in their efforts to stop Shaw’s purchase of the company’s television divisions.
According to a report in the Financial Post, the group filed an affidavit in Ontario court this week alleging that the proposed $2 billion sale “was not the result of a full and informed auction”, and therefore did not “fetch hundreds of millions of dollars in additional value the company is estimated to be worth”.
The group, which includes the founding Asper family, three U.S. investors and four unidentified Canadian investors, also served notice that it intends to challenge Shaw’s takeover at a hearing scheduled for June 22.
In related news, CanWest asked the court for permission to call a meeting of its creditors “to consider and vote on a consolidated plan of compromise and arrangement” regarding its Companies’ Creditors Arrangement Act (CCAA) on July 19, 2010.
It also announced that Margot M. Micallef has resigned from the CanWest board of directors, effective immediately. After joining the board in January 2009, Micallef was a member of the company’s special committee overseeing its financial restructuring.
The remaining board members Derek Burney, David Drybrough, and David Kerr are independent directors actively involved in the company’s financial restructuring activities, CanWest said Thursday in a statement.
