TVA Group Inc. Announces Issuer Bid to Repurchase up to 2,000,000 Class B Non-Voting Shares
March 31 2008 - 9:47AM
Marketwired
MONTREAL, CANADA announces an offer to purchase for cancellation
up to 2,000,000 of its participating Class B non-voting shares
(Class B Shares) for $17 per share. The offer expires at 8:00 p.m.
(Montreal time) on May 14, 2008, unless extended by the Company.
Full particulars of the offer, including the applicable terms and
conditions and the procedures for depositing shares, are set out in
the issuer bid circular that will be mailed to holders of TVA
Group's Class B Shares on or about April 1, 2008. The 2,000,000
Class B Shares that TVA Group is offering to repurchase represent
approximately 8.8% of all currently issued and outstanding Class B
Shares.
If more than 2,000,000 Class B Shares are tendered to the Offer,
TVA Group will purchase the Class B Shares on a pro rata basis
according to the number of Class B Shares deposited, or deemed to
be deposited under the terms of the Offer, by the depositing
shareholders with fractions rounded down to the nearest whole
share. The Offer is subject to various conditions typical of
transactions of this nature, including obtaining regulatory
exemption rulings, although it is not conditional on any minimum
number of Class B Shares being deposited.
Neither TVA Group nor its Board of Directors makes any
recommendation to shareholders as to whether to tender or refrain
from tendering their Class B Shares to the offer. Shareholders are
strongly encouraged to review the offer documents carefully and to
consult with their financial and tax advisors prior to making any
decision with respect to the offer.
National Bank Financial Inc. has been retained by TVA Group to
act as dealer manager for the offer.
"We believe that repurchasing outstanding Class B Shares
represents an attractive investment and an appropriate and
desirable use of our available funds and that our publicly traded
Class B Shares are currently undervalued. We have therefore decided
to reduce the number of shares outstanding because it is in the
best interest of the Company and its shareholders", stated Pierre
Dion, President and Chief Executive Officer of TVA Group Inc.
TVA Group Inc., a subsidiary of Quebecor Media Inc., is an
integrated communications company involved in television, the
production and distribution of audiovisual products, and in
magazine publishing. TVA Group is one of the largest private sector
producers and the largest private sector broadcaster of
French-language entertainment, information and public affairs
programming, and magazine publishing in North America. TVA also
operates SUN TV, a general-interest station in Toronto. The
Company's Class B shares are listed on the Toronto Stock Exchange
under the ticker symbol "TVA.B".
Contacts: TVA Group Inc. Denis Rozon, CA Vice-President and
Chief Financial Officer 514-598-2808 www.tva.canoe.ca
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