Following a tumultuous two weeks of back-and-forth barbs between Corus Entertainment and activist investor Catalyst Capital Group, Corus minority shareholders voted Wednesday to approve the company’s acquisition of Shaw Media.

The vote took place at Corus HQ this morning and saw shareholders vote almost 80% in favour of the deal, which would see Corus acquire Shaw Media for $2.65 billion. 

“Corus Entertainment is pleased to announce that at a special meeting of Corus shareholders held today in Toronto, the Company’s shareholders voted in  favour of Corus’ proposed acquisition of Shaw Media. 78.52% of the votes received from class B shareholders were in favour of the acquisition. More details will be released shortly,” the company confirmed in a statement to Playback.

The Ontario Securities Commission on Monday rejected a bid by Catalyst to delay the vote on the Shaw acquisition. Catalyst had argued shareholders needed more information in order to properly assess the merits of the deal, which it has claimed throughout the last month, favours the Shaw family over shareholders.

The results of the vote are said to be preliminary until official ratification pending an audit.  The acquisition itself is still pending review by the Competition Bureau.

From Playback Daily