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LABATT BOARD RECOMMENDS "NO SALE" TO COMPANY SHAREHOLDERS
Published May 23, 1995
John Labatt, Ltd., the owners of the Blue Jays, CFL Argonauts, and TSN, recommended that shareholders not tender their shares to LBT Acquisition Corp. (a subsidiary of Onex Corp.) before a detailed evaluation of the offer is completed. Labatt issued a statement yesterday calling the offer of C$2.3B, or C$24 a share, "unrealistically low." Labatt will release their recommendation for shareholders on May 29 (Drew Hasselback, TORONTO STAR, 5/23). Labatt President George Taylor told the Toronto GLOBE & MAIL that they hope to "spark an auction that will bring a significantly higher price for the brewing giant." Michael Palmer, an analyst at Equity Research Associates in Toronto, said C$27-28 a share "would be doing shareholders a great favor" (Susan Bourette, Toronto GLOBE & MAIL, 5/23).