In a two-part deal announced December 2, no. 1 chain Southam Inc. - where Mr. Black is chairman and CEO - will pay its share-holders a special dividend of roughly $4.55.
Then Hollinger Canadian Publishing holdings, owned by Mr. Black's Hollinger Inc., proposes to pay more than $14 a share, or $315 million, for the 29% of Southam that it doesn't already own.
Southam accounts for an estimated 32% of Canada's average weekly circulation for daily papers; Hollinger accounts for 9%. In June 1997, most minority shareholders rejected Black's first try to buy Southam's remaining shares.
Copyright December 1998, Crain Communications Inc.