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RUMORS FLY OVER LABATT'S "WHITE KNIGHT"
Published June 6, 1995
Rumors ran "rampant" that John Labatt Ltd. was "poised to announce a 'white knight' bid to counter" Onex Corp.'s C$2.3B hostile bid for the company, according to Paul Brent in this morning's FINANCIAL POST. Brent reports that "Labatt had a directors' meeting yesterday morning and had staff working through the weekend, reportedly on another bid." A source close to the company told the FINANCIAL POST that Belgium-based Interbrew S.A. had bid on Labatt's, at C$28.50 a share, but withdrew or delayed it because of complications related to TSN, the cable sports network owned by Labatt (FINANCIAL POST, 6/6).