Share sale ban lifted
MONTREAL — The sale of Montreal-based animation company Cinar to a group led by former Nelvana topper Michael Hirsh moved one step closer to completion Friday with the announcement that the Quebec Securities Commission has agreed to temporarily lift the ban on the sale of Cinar shares.
This will allow the company to be sold to an investor group made up of Hirsh, former Nelvana exec Toper Taylor and the Canuck private fund TD Capital.
It was announced Oct. 30 that the group had inked a deal to pay $144 million for the producer of “Arthur” and “Caillou.”
The deal still has to be greenlit by the Quebec Superior Court. Cinar has set a special shareholders meeting in Montreal on Feb. 17 to vote on the sale.