P.M. BRIEFING : Press Baron Ends Takeover Talk
From Times Wire Services
OTTAWA —
Press baron Conrad Black has sold off his 3.5 million shares of Southam Inc., a move that ends speculation that Black might try to gain control of the communications giant.
The shares, which amount to about 5% of Southam stock, were sold to investment firms RBC Dominion Securities and Gordon Securities at a price of about $33.
The price was roughly $1 a share less than they were selling Friday at the close of trading. The Toronto Stock Exchange was closed Tuesday and Monday, Christmas Day.
The exchange, which halted trading in Southam shares for about an hour this morning, announced that RBC Dominion Securities Inc. would redistribute 3.2 million shares of Southam at about $33.
