Canadian media company Bell Globemedia to acquire rival CHUM
Wednesday, July 12, 2006 Canadian media company CHUM Limited has announced that it has agreed to be acquired by larger rival Bell Globemedia Inc. for $1.7 billion CAD cash, bringing the CTV and Citytv broadcast-television networks and such specialty channels as MuchMusic, TSN and Bravo! under the same corporate umbrella. Shareholders will receive $52.50 per common share of CHUM and $47.25 per Class B (non-voting) share. The estate of the late Allan Waters, who died late last year, has agreed to tender all its shares to the bid, netting the Waters family nearly $450 millio