Greg Sorbara, Matthew Proud and Tyler Proud made a non-binding unsolicited offer to acquire Torstar Corporation (TSX:TS.B) for CAD 62.1 million on July 8, 2020. Under the terms of transaction, the offerors have offered to acquire all of the issued and outstanding Class A shares and Class B non-voting shares of Torstar at CAD 0.72 each. The new offer is conditional on, among other things, the completion of confirmatory due diligence, the negotiation of definitive documentation in respect of the new offer and the entering into of voting support agreements with the offerors by the trustees of the Torstar voting trust the Torstar directors holding Shares and Hamblin Watsa Investment Counsel Ltd., an affiliate of Fairfax Financial Holdings Ltd. The Torstar board of directors has determined that the new offer may reasonably be expected to constitute or lead to a "Superior Proposal" under the arrangement agreement dated May 26, 2020, entered into between Torstar and NordStar Capital. Greg Sorbara, Matthew Proud and Tyler Proud cancelled the acquisition of Torstar Corporation (TSX:TS.B) on July 11, 2020. The trustees of the Torstar Voting Trust and HWIC have advised the Torstar board of directors (the "Board") of their intent not to support such unsolicited offer and, conditional upon execution of the Amendment, to enter into new voting support agreements with NordStar. The Board determined in good faith that (1) the unsolicited offer from the private investor group would not be able to constitute a "Superior Proposal" under the NordStar Agreement, as amended by the Amendment, as such offer would not be reasonably capable of being completed without undue delay relative to the NordStar transaction, and (2) the NordStar Agreement, as amended by the Amendment, is in the best interest of the company and to recommend that Torstar shareholders vote in favour of the NordStar transaction, as amended, at the special meeting of Torstar shareholders scheduled for July 21, 2020.