## 20. SUBSEQUENT EVENTS 

## (a) Acquisition 

On September 17, 2000, the Company agreed to make an offer to acquire all out- standing Multiple Voting and Subordinate Voting Shares of Nelvana Limited (“Nelvana”) at the option of the holder for (i) $48.00 cash or (ii) $0.05 cash and $47.95 worth of Class B Non-Voting Shares of the Company determined by dividing $47.95 by the Corus Average Trading Price (subject to a minimum of 0.982 and a maximum of 1.2 Corus Class B Non-Voting Shares per Subordinate Voting Share of Nelvana), subject to proration so that 60% of the total consideration is paid in cash and 40% is paid in Class B Non-Voting Shares. The “Corus Average Trading Price” is the volume weighted average trading price of the Class B Non-Voting Shares on The Toronto Stock Exchange for the 10 trading days ending on the third trading day immediately preceding the offer. At August 31, 2000, the Company held 675,000 Subordinate Voting Shares of Nelvana and the effective price to Corus is $46.58 per share when these shares are included. The offer is contingent on the tender of 100% of the Subordinate Voting Shares issuable upon conversion of all Multiple Voting Shares and a minimum of 66$^{2}$⁄3% of the issued and outstanding Subordinate Voting Shares on a fully-diluted basis assuming conversion into Subordinate Voting Shares of all Multiple Voting Shares. Corus and Nelvana have executed a Support Agreement which contains terms and conditions typical for transactions of this nature, including the payment to Corus of standard break-up fees in the event the transaction is not completed under certain circumstances. The offer will be open for acceptance until November 11, 2000. 

## (b) Divestiture 

In September 2000, the Company sold its Quebec conventional television station CHAU, subject to regulatory approval. The proceeds, which approximated its cost, totaled $8,500,000. 

## 21. COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS 

The comparative consolidated financial statements have been reclassified from state- ments previously presented to conform to the presentation of the 2000 consolidated financial statements. 

