Technicolor Bids for Covitec

Covitec Group Inc., a leading Quebec-based supplier of integrated technical services for the film, television and advertising industries whose common shares are listed on the Toronto Stock Exchange, entered into an agreement on October 2, 2000 with a Canadian subsidiary of Technicolor’s Worldwide Film Group, under which Technicolor will make a takeover bid to acquire all of the outstanding common shares and convertible debentures of Covitec. Astral Media Inc. and certain other significant shareholders of Covitec signed a lock-up agreement and agreed to tender all of their shares and convertible debentures to the bid and Covitec agreed to support the bid.

Covitec Group Inc. was represented by Stikeman Elliott with a team led by Sidney Horn who was assisted by Martin Scheim, Anthony Penhale, France Margaret Bélanger and Nadia Jubinville, by Eve Poirier, the Vice-President, Legal Affairs and Secretary of Covitec and by Monique Ryan, the Vice-President, Legal Affairs of Astral Media Inc. Technicolor was represented by Torys with a team lead by James Scarlett, with the assistance of Matt Cockburn, Phil Mohtadi, Josée Guibord-Lepage, Jay Holsten and Valerie Lockerbie. Covitec’s Board of Directors appointed an independent committee to review the transaction. The committee was represented by Michel Marchand and Alain Falardeau of Marchand, Magnan, Melançon, Forget.


France Margaret Bélanger Valérie Lockerbie Anthony Penhale Louis Juneau James D. Scarlett Michel Marchand John C. Sheedy Sidney M. Horn R. Jay Holsten Alain Falardeau Philip Mohtadi Martin H. Scheim