Score shareholders approve Rogers acquisition
October 15, 2012 | Canadian Press | Comments
Shareholders of Score Media voted Monday to approve a takeover of the company by Rogers Media under a plan that will also see its digital assets spun out to its existing shareholders.
Under the plan, shareholders of Score Media will receive $1.62 in cash and one class A subordinate voting share of theScore Inc., which will hold the digital media assets of Score Media.
Former holders of Score Media shares will hold approximately 88.2% of the outstanding shares of Score Digital, while Rogers will own the remaining stake.
Score Media’s main asset is theScore Television Network speciality channel.
The company’s digital assets include TheScore.com website as well as several mobile applications.
Shares in the company were down a penny at $1.75 on the Toronto Stock Exchange on Monday.
According to Score Media, the acquisition of shares could become effective as soon as Oct. 19.