Headline Sports, the three-year old television broadcaster that offers 24-hour sports highlights, is poised to go public in a reverse takeover. On November 21, 2000, shareholders of Old Canada (TSE:OCI) will be asked to approve the transaction which contemplates 1) the issue of treasury shares in Old Canada to the current owners of Headline Sports’ parent company, John Levy, and Alliance Atlantis Communications Inc.; 2) a $27.5M private placement of Old Canada shares to John Levy, Alliance Atlantis, Frank Mersch and Griffiths McBurney & Partners; and 3) a change of name of Old Canada to Headline Media Group Inc.
The Torys team acting for Alliance Atlantis includes Gary Solway, Glen Johnson and Sarah Lerchs. Michael Burns at Fogler, Rubinoff LLP acts for Old Canada Investment. Rob Malcolmson and Ed Hannah are managing the deal in-house at Headline Sports. Chris Hewat and David Simpson of Blake, Cassels & Graydon LLP are acting for Griffiths McBurney.