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Teachers mulled replacing Tanenbaum to enable takeover

Negotiations with Rogers and Bell initially floundered


 

Unhappy with an initial failure of takeover talks in late November, the Ontario Teachers Pension Plan was ready to shake up the board of Maple Leaf Sports and Entertainment, going as far as replacing long-time chairman Larry Tanenbaum, the Globe and Mail reports. The pension fund put its 80 per cent stake in MLSE up for sale earlier this year, and sold it to telecommunications giants Rogers, which owns Maclean’s, and Bell last week. Though some sources speaking with Globe reporters challenged the idea that Teachers had the authority to replace Tanenbaum, days after the threat of introducing changes to the board a takeover deal was reached.

The Globe and Mail


 
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