July 9 (Reuters) - Torstar Corp TSb.TO :
* TORSTAR CORPORATION ACKNOWLEDGES RECEIPT OF ACQUISITION PROPOSAL
* TORSTAR CORP - RECEIVED A NON-BINDING UNSOLICITED OFFER FROM A PRIVATE INVESTOR GROUP
* TORSTAR CORP - NEW OFFEROR HAS OFFERED TO ACQUIRE ALL OF ISSUED AND OUTSTANDING CLASS A SHARES AND CLASS B NON-VOTING SHARES OF CO
* TORSTAR CORP - BOARD DETERMINED THAT NEW OFFER MAY REASONABLY BE EXPECTED TO CONSTITUTE OR LEAD TO A "SUPERIOR PROPOSAL"
* TORSTAR CORP - IS ENGAGING IN DISCUSSIONS AND NEGOTIATIONS WITH NEW OFFEROR REGARDING ITS NON-BINDING PROPOSAL
* TORSTAR CORP - BOARD DETERMINED THAT TRANSACTION CONTEMPLATED BY NORDSTAR AGREEMENT IS IN BEST INTEREST OF COMPANY
* TORSTAR CORP - NO DETERMINATION HAS BEEN MADE AT THIS TIME THAT NEW OFFER CONSTITUTES A "SUPERIOR PROPOSAL" UNDER NORDSTAR AGREEMENT
* TORSTAR CORP - BOARD CONTINUES TO RECOMMEND THAT CO'S SHAREHOLDERS VOTE IN FAVOUR OF NORDSTAR TRANSACTION AT SPECIAL MEETING
* TORSTAR CORP - IF DETERMINED TO BE A SUPERIOR PROPOSAL, NEW OFFER REMAINS SUBJECT TO A RIGHT TO MATCH GRANTED BY CO IN FAVOUR OF NORDSTAR