Quebecor bounces back with second Osprey bid
Sweetening its offer will likely do the trick in beating Black Press to the 54-newspaper chain.
In another attempt to outbid Victoria-based Black Press, Quebecor has sweetened its offer for Osprey Media, and gained approval from the company’s board of trustees.
Quebecor’s new offer would see the company pay $8.45 per unit (for a total of $414.4 million) for Osprey. It came after an Ontario court dismissed Quebecor’s attempt to block Black Press (owned in part by Torstar) from its takeover effort. Black Press’s offer, announced on June 27, was $8.25 per share. Quebecor’s first offer (in late May) was $7.25 per unit.
Osprey has agreed to pay Quebecor a $16 million termination payment if the company takes another competing offer.
See MiC‘s June 28 story about the Black Press offer and the June 1 coverage of Quebecor’s first bid – with comment from media strategists..