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A suitor acquired 52% of Valley Cable's parent.

June 25, 1985

Slaight Communications of Toronto, which last month launched a friendly offer to buy Standard Broadcasting, said it has tentatively acquired Hollinger Argus' controlling stake of 49% and another 3% interest from other shareholders. Slaight also announced that it increased its bid for Standard, which owns Chatsworth-based Valley Cable TV, by 50 cents to $22 (Canadian) a share. That amounts to $95 million (U.S.) for Standard's 5.9 million shares. Selkirk Communications, which said last week that it was considering making a competing bid of $24 (Canadian) a share for Standard, said it would decide whether to go ahead with an offer over the next couple of days.

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