NordStar Capital increases bid to secure Torstar

The bidding war to take control of Torstar is over after NordStar Capital announced it had upped its bid to $60-million, topping a rival $58-million offer from Canadian Modern Media Holdings.

NordStar’s bid has the support of Torstar’s board of directors, the voting trust of five families who control the Star’s A-class shares, as well as Fairfax Financial, the biggest holder of B-class shares, the Toronto Star reports.

The deal is expected to officially close July 28. Representatives from NordStar have said they intend to take Torstar private.