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Most notably, Catalyst alleged the Shaw family stands to potentially gain at least $50-million from the related-party transaction as a result of its controlling interest in Corus. However there is no disclosure of this information in the circular to the company’s shareholders. “This gain is highly material,” declared the private-equity firm’s five-page missive to the OSC, “…this is information that minority shareholders require in order to be able to make a fully informed decision…”

Officials at the OSC and the TSX declined to comment Monday.

The complaints to regulators surfaced more than a month after Corus announced on Jan. 13 that it had agreed to buy Shaw’s media portfolio for $1.85 billion in cash and $800-million worth of stock. Shaw said it would use the proceeds to fund its purchase of upstart carrier Wind Mobile Corp. for $1.6 billion. The transactions would see Shaw, whose market cap is more than 13 times that of Corus, exit the foundering media business and realize a wireless strategy that has been at least eight years in the making. Meanwhile, Corus would stand to more than double its sales and profits.

In its letters to the regulators, Catalyst also takes issue with the deal’s governance protocols. Specifically, the firm is questioning why a deal was hammered out between Corus’ management and board of directors and the Shaw family prior to a special committee being established to review terms of the transaction, which is widely considered good corporate governance practice.