Goldman Sachs asks court to stop Shaw-Canwest deal

Wall Street investment firm Goldman Sachs Group Inc. is set to appeal an Ontario Court decision that approved the sale of Canwest Global Communications Corp.’s television assets to Shaw Communications Inc., The Canadian Press (CP) reports.

According to CP, Goldman “called the TV sale process corrupt, and asked the Ontario Court of Appeal to reconsider other purchase proposals, including one backed by Goldman, that were ‘wrongly’ rejected by the bankruptcy court.”

On Feb. 19, the Ontario Superior Court approved Shaw’s acquisition bid for Canwest’s television assets, just hours after a rival bid from Catalyst Capital Group, which includes support from Goldman, was announced.

The Wall Street Journal noted:

“In its court filing, Goldman Sachs said it’s seeking to have the approval of the Shaw deal set aside so that Canwest’s board can consider the alternative restructuring proposal, which Goldman Sachs said is superior to the Shaw proposal.”