The Quebec Superior Court approved the sale of Montreal animation producer Cinar to an investment group led by Nelvana founder Michael Hirsh on Feb. 19, two days after shareholders voted almost unanimously in favor of the takeover bid worth US$144 million. Cinar president and CEO Stuart Snyder says the deal should close on March 1, at which time he will step down.

The sale to Hirsh and his investment partners, including Toper Taylor and TD Capital Canadian Equity Partners, will transform Cinar, award-winning producer of children’s TV series such as Caillou and Arthur, into a privately held company.

The transition, according to Hirsh, will not result in major changes to Cinar’s production slate in the near future.

‘We anticipate completing all the shows that are in production and bringing additional shows into production in the future,’ says Hirsh.

The acquisition and privatization come after four years of controversy at Cinar, which led to the imposition of a trading ban on the company in 2000. At issue was a $122-million investment made without the knowledge of the board and allegations that the company diverted federal funds to American scriptwriters.

-www.cinar.com