TORONTO — A rival bidder for Torstar Corp. is seeking to appeal an Ontario judge's ruling that allows NordStar Capital LP to proceed with its $60-million purchase of the newspaper publishing company.
A lawyer representing Canadian Modern Media Holdings Inc. says it has asked Ontario's divisional court to stay Tuesday's decision by Justice Cory Gilmore and allow CMMH to appeal her ruling.
CMMH lawyer Alistair Crawley asked Gilmore during a Friday hearing to withhold approval of the NordStar deal because Torstar shareholders weren't given enough information about a higher bid
However, Gilmore ruled that Torstar's deal with NordStar was "fair and balanced" and that CMMH's competing bid had been submitted too late in the process.
An Ontario Superior Court judge would normally be the final regulatory approval required in this sort of transaction, but CMMH's move could disrupt Torstar's plan to close the deal by Thursday.
Torstar holds an investment in The Canadian Press as part of a joint agreement with subsidiaries of the Globe and Mail and Montreal's La Presse.
This report by The Canadian Press was first published July 28, 2020.
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