Quebecor Media sweetens Nurun offer
EmptyTORONTO -- Quebec broadcast giant Quebecor Media on Wednesday sweetened its offer to acquire a 42.5% stake in Quebec Web site producer Nurun Inc. that it does not already own.
The move follows the rejection by Nurun shareholders in August of an earlier CAN$4.55 ($4.33) per-share offer for the minority stock (HR 8/8).
In its latest overture, Montreal-based Quebecor Media said it will offer CAN$4.75 ($4.70) per share by Feb. 1 after it entered into lock-up agreements with minority Nurun shareholders.
Quebecor Media, which has a 57.5% stake in Nurun, put the value of its latest bid for Nurun's minority stock at CAN$68.8 million ($69.5 million).
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.