Quebecor moves to privatize Nurun
EmptyTORONTO -- Quebec broadcast giant Quebecor Media Tuesday said that it now holds an 82% stake in Montreal-based Nurun Inc., and will move to privatize the Quebec Web site producer.
Nurun shareholders last August rejected an earlier offer of CAN$4.55 ($4.33) a share for the minority stock, which forced Quebecor Media to raise its offer to CAN$4.75 ($4.70) per share as it entered into lock-up agreements with minority Nurun shareholders.
The sweetened offer for minority shares expires Tuesday.
Montreal-based Quebecor Media said it will now move to privatize Nurun after picking up about 9.2 million common shares in the Web site producer, or 59% of the shares it did not already own.
The deal to acquire Nurun's minority stock is valued 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 number of other cable channels.