Magna International Inc. is separating its non-automotive businesses from its automotive business, and has transferred its North American and European non-automotive assets to its wholly owned subsidiary, MI Entertainment Corp.
MI Entertainment has filed a preliminary non-offering prospectus dated November 8, 1999 with the securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Ontario, Nova Scotia, Newfoundland and Quebec for the purpose of becoming a reporting issuer in those provinces. MI Entertainment has also filed a registration statement with the U.S.
Securities and Exchange Commission. It is intended that Magna will distribute shares of Class A Subordinate Voting Stock of MI Entertainment representing approximately 20% (on a fully diluted basis) of the total equity of MI Entertainment as a dividend-in-kind to Magna shareholders.
Magna is relying on its internal legal advisers, Brian Colburn and Bassem Shakeel, and Osler, Hoskin & Harcourt LLP in Canada and Sidley & Austin in the United States. The Oslers team consists of partners Jean Fraser and Robert Lando and associate Sandra Adams. Monica Biringer is providing tax advice. The Sidley & Austin team consists of partner Scott Freeman and associate Bola Oloko.
MI Entertainment has filed a preliminary non-offering prospectus dated November 8, 1999 with the securities regulatory authorities in the provinces of British Columbia, Alberta, Saskatchewan, Ontario, Nova Scotia, Newfoundland and Quebec for the purpose of becoming a reporting issuer in those provinces. MI Entertainment has also filed a registration statement with the U.S.
Securities and Exchange Commission. It is intended that Magna will distribute shares of Class A Subordinate Voting Stock of MI Entertainment representing approximately 20% (on a fully diluted basis) of the total equity of MI Entertainment as a dividend-in-kind to Magna shareholders.
Magna is relying on its internal legal advisers, Brian Colburn and Bassem Shakeel, and Osler, Hoskin & Harcourt LLP in Canada and Sidley & Austin in the United States. The Oslers team consists of partners Jean Fraser and Robert Lando and associate Sandra Adams. Monica Biringer is providing tax advice. The Sidley & Austin team consists of partner Scott Freeman and associate Bola Oloko.
Lawyer(s)
Jean M. Fraser
Monica E. Biringer
Sandra J. Adams
Scott M. Freeman
Robert C. Lando
Bassem A. Shakeel
Firm(s)
Osler, Hoskin & Harcourt LLP
Sidley Austin LLP