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Torstar To Be Taken Private By Nordstar Capital In C$0.63/share Cash Deal

Torstar Corp. (TS.B.TO) announced it has entered into an arrangement agreement to be acquired by NordStar Capital LP. Upon completion of the transaction, Torstar will be taken private.

Under the deal terms, NordStar, controlled by Jordan Bitove and Paul Rivett and wholly-owned by the Bitove and Rivett families, will acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar for C$0.63 in cash per share.

The per share price represents a 66.67 percent premium to the 20-day volume-weighted average trading price of the Class B non-voting shares on the Toronto Stock Exchange as at May 25.

The transaction was unanimously recommended by a special committee of Torstar's Board of Directors and approved by the Board. It has received the support of a significant majority of the Class A shareholding members of the Voting Trust and is supported by Torstar's largest independent shareholder, Fairfax Financial Holdings Limited.

Torstar's businesses include the Toronto Star and a portfolio of other news media businesses. Torstar said it expects the deal would allow for the continuation of its storied history: a home for world class, local journalism and fearless, progressive positions.

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