Quebecor Media Enters into Lock-up Agreements With Minority Shareholders of Nurun; Intends to Relaunch Bid to Acquire Nurun Shar
December 05 2007 - 9:03AM
Marketwired
MONTREAL, QUEBEC , the absence of material changes in the
business and affairs of Nurun and receipt of required regulatory
approvals.
Quebecor Media currently owns 19,576,605 common shares or
approximately 57.5% of the outstanding common shares of Nurun. The
aggregate consideration payable under the proposal for the 42.5% of
Nurun shares that are not held by Quebecor Media would be
approximately C$68.8 million. Following the transaction, Nurun
would become a wholly-owned subsidiary of Quebecor Media.
Quebecor Media has requested that the board of directors of
Nurun establish an independent committee to supervise the
completion of the formal valuation that is required under
applicable securities laws. The independent committee will also be
charged with reviewing the offer and making a recommendation to
shareholders with respect to the offer. Following completion of the
formal valuation, Quebecor Media expects to send its offer to the
shareholders of Nurun and to make all necessary filings with the
appropriate securities regulatory authorities.
The Company
Quebecor Media Inc., a subsidiary of Quebecor Inc., owns
operating companies in numerous media-related businesses: Videotron
Ltd., the largest cable operator in Quebec and a major Internet
Service Provider and provider of telephone and business
telecommunications services; Sun Media Corporation, Canada's
largest national chain of tabloids and community newspapers; TVA
Group Inc., operator of the largest French-language
general-interest television network in Quebec, a number of
specialty channels, and the English-language general-interest
station Sun TV; Canoe Inc., operator of a network of English- and
French-language Internet properties in Canada; Nurun Inc., a major
interactive technologies and communications agency with offices in
Canada, the United States, Europe and Asia; companies engaged in
book publishing and magazine publishing; and companies engaged in
the production, distribution and retailing of cultural products,
namely Archambault Group Inc., the largest chain of music stores in
eastern Canada, TVA Films, and Le SuperClub Videotron ltee, a chain
of video and video game rental and retail stores.
Contacts: Quebecor Inc. Luc Lavoie Executive Vice President,
Corporate Affairs 514-380-1974 Mobile: 514-947-6672
lavoie.luc@quebecor.com
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