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LABATT FIGHTING TAKEOVER BID: JAYS & TSN FUTURE UNCERTAIN
Published May 30, 1995
John Labatt Ltd. has "formally rejected" a C$2.3B takeover bid from Onex Corp., according to the WALL STREET JOURNAL. Labatt is searching for a "white night" willing to pay more for the company (De Santis & Greenberg, WALL STREET JOURNAL, 5/30). Onex VP Anthony Melman: "If Labatt management truly wants a higher bid, they should be looking everywhere, including (Onex) since we are the only company that has put money on the table" (Paul Brent, FINANCIAL POST, 5/30). Labatt President George Taylor is said to be "courting" other brewers, broadcasters and financial firms as suitors, writes Marina Strauss in the Toronto GLOBE & MAIL. If a broadcasting acquisition takes place, it would "likely entail" finding partners with each buying a piece of Labatt's properties, which include The Sports Network and the Discovery Channel (Toronto GLOBE & MAIL, 5/30). It is "increasingly likely" the Blue Jays will be sold as Labatt fights off Onex (Jim Proudfoot, TORONTO STAR, 5/30).