Black Press Ltd, owner of the Beacon Journal, has been outbid in a takeover offer for Osprey Media and David Black said he has not decided he will bid again.
The news was reported on the Business Front, Page D1, col. 6 of the BJ today. Here's the story:
By Betty Lin-Fisher
Beacon Journal business writer
Black Press Ltd., owner of the Akron Beacon Journal, has been outbid in the purchase of a fellow group of Canadian newspapers.
Last week, Black Press put in a takeover bid for Osprey Media Income Fund. Black's bid of $8.25 Canadian per share ($7.86 U.S.) outbid Quebecor Media Inc.'s $7.25 Canadian per share ($6.91 U.S.).
But on Wednesday, Quebecor raised its bid after a judge dismissed a lawsuit that the company was pursuing to block Black's bid.
Quebecor has offered $8.45 Canadian per share ($8.05 U.S.) Its offer expires on Aug. 3. Osprey's board, which had recommended Black's offer, has now recommended Quebecor's newest offer.
Black Press President and Chief Executive David Black said he had not yet decided whether he will bid for the newspapers again.
Osprey has 20 daily newspapers, 34 other newspapers and other publications in Canada.
Black Press owns 150 community newspapers and 15 regional Web operations in Canada, Washington, Oregon, Honolulu, Hawaii and Akron.
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