A Canadian investment firm attempting to purchase Torstar Corp. has upped its bid in response to a rival offer for the media conglomerate.
NordStar Capital LP has amended its agreement to purchase the owner of the Toronto Star and other community newspapers, saying it will now pay $60 million instead of the initially agreed-upon $52 million.
Its offer of 74 cents per share is a 17.5 per cent increase over its earlier price of 63 cents per share.Torstar confirmed earlier this week that it had received a potentially superior second offer, which it said was unsolicited.In a written statement, Bitove said he and his partners feel they are "best able to ensure a future for world-class journalists and world-class journalism befitting the Star's storied history.
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