Quebecor drops Nurun takeover plans
EmptyTORONTO -- Quebec broadcast giant Quebecor Media Inc. on Tuesday said it will not proceed with plans to take Web site producer Nurun Inc. private after its board rebuffed a CAN$63.4 million ($60.3 million) offer for the 42.2% stake that Quebecor Media does not already own.
On June 1, Montreal-based Quebecor Media offered CAN$4.55 ($4.33) a share for the minority shares, an offer the Nurun board deemed "inadequate."
"As Quebecor Media is not prepared to raise its proposed offer price, it has determined that it would not be possible for the minimum tender condition of its proposed offer to be met, and therefore Quebecor Media will not proceed to make the offer," the company said in a statement.
Quebecor Media runs Videotron Ltd., Quebec's largest cable operator; TVA Group, the province's largest French-language over-the-air network; and a range of cable channels.