TORONTO — An Ontario judge dismissed CanWest’s application Monday to block an acquisition deal between WIC Western Intl. Communications Ltd. and Shaw Communications Inc.
CanWest and Shaw, both of which are major shareholders of WIC, are battling for control of the Vancouver-based media empire. CanWest has an outstanding hostile takeover bid, which expires at 6 p.m. on Tuesday. Shaw’s competing takeover offer, which has been endorsed by WIC, is due to expire a few hours later, at 12:01 a.m. Wednesday.
CanWest took issue with the conditions of the Shaw-WIC deal in which, if Shaw’s takeover offer does not succeed, WIC would pay Shaw C$30 million ($21 million) and give Shaw the option to purchase WIC’s radio broadcasting business for $111 million.