Victoria-based Black Press Ltd. has launched a $400 million takeover pitch for Osprey Media. The bid tops Quebecor Media's May 31 offer of $355 million.
Black Press has offered $8.25 for each Osprey share; Quebecor, which has until July 5 to sweeten its offer, had originally bid $7.25 a share.
If successful, Black Press' acquisition would give it a foothold in Central Canada. The company would own some of Canada's oldest newspapers, including the Kingston Whig-Standard, the Niagara Falls Review, the Barrie Examiner and the Sault Star and 34 other publications.
Black Press, which is one of B.C.'s largest private companies, produces more than 100 publications and has 17 printing operations in North America.
Osprey Media, majority owned by Scotia Merchant Capital Corp. and the Ontario Teachers' Pension Plan Board, made itself available for acquisition in March after its board decided to consider and review various strategic alternatives following the federal government's decision to tax income trust distributions.
The company absorbed a $113 million net loss last year due to a $170 million write-down of goodwill.