The sale of Canwest Global’s television assets to Shaw Communications
has received approval from the Superior Court following a Canwest
agreement with dissenting shareholders.
“The Asper family, four U.S. equity funds and two anonymous shareholders will get $11- million in exchange for their support of the sale. Ontario Superior Court Judge Sarah Pepall re-confirmed that Shaw Communications will pay $2 billion for the television assets.
“The sale “will provide long-term stability” to Canwest’s employees and customers, Pepall said at a hearing in Toronto today. “It’s fair and reasonable.” “
“”This is an important milestone in the lengthy and difficult CCAA process that Canwest has endured over the last several months. We are pleased that the Court has recognized Shaw’s participation in the restructuring process under the framework set out by the Board of Canwest, the Ad Hoc committee and approved by the Court, and that we were able to finalize terms of the Transaction with all constituent parties involved in the restructuring process. We look forward to completing all necessary steps and closing the Transaction as soon as possible,” said Peter Bissonnette, President, Shaw Communications Inc.”
The sale must still be approved by the from the Canadian Radio-televison and Telecommunications Commission and the Competition Bureau.