It's OK for Canadian MSO Shaw Communications to shell out $2 billion for CanWest Global Communication's TV assets, an Ontario court has ruled after dissident shareholders agreed to an $11 million settlement.
The acquisition had been stymied by a shareholders' dispute spearheaded by the Asper family, owners of 48 percent of the CanWest business, who had taken the matter to court. The court, in turned, tossed it back to the involved parties with an order to work it out. They did. The Aspers got $4.5 million and Shaw got the right to spend $2 billion for a company that's been in bankruptcy protection since last October. The money includes $440 million to satisfy bondholders, $38 million to other creditors and $700 million to Goldman Sachs, which had been CanWest's partner.
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