A private play: Onex bids $2.3 billion to take over Labatt

Article Abstract:

Onex Corp has tendered a $24/share takeover offer for John Labatt Ltd. If Onex's leveraged buyout succeeds, it will almost certainly sell off most of Labatt's diverse interests, which include the Toronto Argonauts football club and The Sports Network. Labbatt's management is resisting the takeover.

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Takeover turmoil

Article Abstract:

Labatt CEO George Taylor is attempting to find a buyer to outbid Onex, which he believes is attempting to 'steal' Labatt's assets. Onex CEO Gerald Schwartz accuses Labatt of a secret deal that would cause Labatt's 22% holding of a Mexican brewer to fall apart if any hostile bidder wins Labatt.

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Sacred pensions in play

Article Abstract:

The Ontario Teachers Pension Plan Board has made a very substantial investment in support of Onex Corp's hostile takeover offer for John Labatt Ltd. The Ontario pension fund is one of several in Canada that have joined in risky takeover battles in search of lucrative rates of return.

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