Key Developments: Astral Media Inc (AAIAF.PK)
47.74USD
19 Mar 2013
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Latest Key Developments (Source: Significant Developments)
Astral Media Inc Declares Cash Dividend
Astral Media Inc announced that the Board of Directors has declared a cash dividend of $0.50 per share on class A non-voting shares and class B subordinate voting shares, payable on February 1, 2013 to shareholders of record at the close of business on January 15, 2013. Full Article
Astral Media Inc And BCE Inc Submit New Takeover Application-Reuters
Reuters reported that Astral Media Inc and its suitor, BCE Inc, filed a revised application for approval of their proposed combination, after the first one was rejected by the country's broadcast regulator. The Canadian Radio-television and Telecommunications Commission blocked BCE's proposed CAD3 billion ($2.99 billion) takeover of Astral last month, saying it would give too much power to BCE. Full Article
BCE Inc Shocked By CRTC Rejection Of Astral Media Inc Transaction, Requests Cabinet Intervention
BCE Inc announced it will request that the federal Cabinet intervene in the CRTC's decision to reject Bell's acquisition of Astral Media Inc. Bell is appalled that the CRTC would come to a decision that so negatively impacts Canadian consumers and the national broadcast industry, contravenes its own policy and is tainted by behind-the-scenes lobbying by Bell's cable rivals. In its 2008 Diversity of Voices regulatory policy, the CRTC confirmed that it would approve broadcasting transactions resulting in a company controlling less than 35% of total TV audience share. Bell and Astral combined would have an English-language TV market share of 33.5% and just 24.4% of the French-language TV market, both well within the rules (it is worth noting that this would put Bell-Astral on par with cable company Shaw/Corus, which has a 30.2% share of English-language TV, and well behind cable company Quebecor's existing 30% share of French-language TV). With this CRTC policy in place, and which Bell logically used as its guide in acquiring Astral, the CRTC instead quotes a working paper from 1978, a single application from 1986 and a 1989 public notice to justify its rejection of the Bell-Astral transaction in 2012. Full Article
Canada Regulator Blocks BCE Inc's Takeover Of Astral Media Inc.-Reuters
Reuters reported that Canada's broadcast regulator blocked BCE Inc's CAD3 billion ($3.05 billion) takeover of Astral Media Inc, declaring it would have given the Canadian media giant too much power. The decision is beneficial for Quebecor Inc, which feared a challenge to its dominance of French-language television services. It also benefits BCE's English-language competitors, including Rogers Communications Inc, which said BCE was already abusing its market power as an integrated broadcaster and distributor. The decision can be appealed to the Federal Court of Appeal but cannot be overturned by the federal cabinet Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Astral Media Inc
Faruqi & Faruqi, LLP announced that it is investigating the Board of Directors of Astral Media Inc. (Astral or the Company) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to BCE Inc. (BCE) in a transaction valued at about $3.38 billion. Under the terms of the proposed transaction, BCE will acquire all Class A Non-Voting Shares of Astral for $50 per share and all Class B Subordinate Voting Shares for $54.83 per share. Whether Astral’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues Astral’s shares and by how much this proposed transaction undervalues the Company to the detriment of Astral’s shareholders are the key focus of this investigation. Full Article
BCE, Inc. To Acquire Astral Media Inc.
BCE, Inc. announced that it has signed a definitive agreement to acquire all of the issued and outstanding shares of Montréal-based Astral Media Inc. (Astral) and its specialty and pay television channels, radio stations, digital media properties and out-of-home advertising platforms in Québec and across the rest of Canada. Bell will acquire all Class A Non-Voting Shares of Astral for $50 per share, representing a premium of 39% based on Astral's volume-weighted average closing share price on the TSX for the last five trading days, for a total consideration of approximately $2.8 billion. Bell will also acquire all Class B Subordinate Voting Shares for $54.83 per share, for a total consideration of approximately $151 million, and all Special Shares for a total consideration of $50 million. The transaction is valued at approximately $3.38 billion, including net debt of $380 million, and will be funded with a combination of cash (approximately 75% of the equity purchase price) and BCE common equity (approximately 25% or $750 million), with Bell retaining the right to replace shares with cash, in whole or in part, at closing. Full Article
Astral Media Inc Announces Departure Of CFO Claude Gagnon
Astral Media Inc announced that its Senior Vice-President and Chief Financial Officer (CFO), Claude Gagnon, has advised the Company of his decision to leave the organization on January 31, 2012 with the intent to retire. Robert Fortier, who has served as the Company's Vice-President, Finance since October 2005, is being appointed Vice-President and Chief Financial Officer, effective February 1, 2012. Full Article
Astral Media Inc.'s Astral Media Radio Inc. Announces Acquisition Of Shore FM In Vancouver
Astral Media Radio Inc., a subsidiary of Astral Media Inc., announced that it has received authorization from the CRTC to acquire Shore Media Group Inc., the radio licence holder for CHHR FM 104.3 (Shore FM), broadcasting in Vancouver, British Columbia. The acquisition is set to be completed in early 2012 at a price of approximately $13.4 million. Full Article
Astral Media Inc. Announces Payment of Semi-Annual Dividend
Astral Media Inc. announced that the Board of Directors of the Company at a meeting held on December 13, 2011, declared a semi-annual dividend of $0.50 per share on the Class A Non-voting Shares and the Class B Subordinate Voting Shares of the Corporation payable February 24, 2012, to the shareholders of record at the close of business on February 10, 2012. Full Article
Astral Media Inc. Announces Renewal Of Normal Course Issuer Bid
Astral Media Inc. announced the renewal of its normal course issuer bid. Under the terms of the renewal, the Company intends to purchase for cancellation, through the facilities of the Toronto Stock Exchange, or any other alternative trading systems, up to 2,630,137 Class A Shares and up to 137,708 Class B Shares. This represents no more than 5.0% of the 52,602,742 issued and outstanding Class A Shares as at November 30, 2011 and no more than 5.0% of the 2,754,172 issued and outstanding Class B Shares as at November 30, 2011. The shares will be purchased for cancellation in accordance with applicable regulations of the Toronto Stock Exchange over a maximum period of 12 months beginning on December 16, 2011 and ending on December 15, 2012. Full Article
Canada's Astral, Corus profits, shares take divergent paths
TORONTO - Two of Canada's biggest independent media companies handed in very different earnings report cards on Thursday, with profits at Corus Entertainment Inc plunging 81 percent while rival Astral Media Inc reported a 9 percent jump in earnings.
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