Monday, 9 July 2007

Osprey options

Black Press CEO David Black is waiting word from company shareholders before announcing a possible new bid for Osprey's 54 daily and weekly newspapers in Ontario, says a Canadian Press story out of Montreal.

"(Black) is keeping his cards close to his chest but will likely announce next week his decision on entering a cross-country bidding war with Quebecor Inc. for Osprey Media Income Fund and some of Canada's oldest dailies," CP says.

"The head of the Victoria-based operator of community newspapers said he's made a decision but must win approval from company shareholders.

"I think it's time for me to think about, think of our options and look at the detail of their bid," Black said in an interview yesterday.

"Black's unwillingness to categorically rule out a higher bid has many expecting the final sale price hasn't yet been set.

"On Thursday, Osprey's board agreed to recommend acceptance of Quebecor Media's increased offer of $8.45 per unit.

"However, it is still open to a higher bid until Aug. 3."

Meanwhile, Editor & Publisher says Quebecor's purchase of Osprey is "virtually assured" after upping the bid on Thursday.

The E&P headline reads: "Quebecor Taking On $750 Million In Debt To Pay For Osprey Acquisition"

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