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MI Developments shares soar on Stronach deal

Billionaire Frank Stronach is set to give up control of MI Developments (MIM.A-T) the property arm of Magna International (MG-T), in exchange for horse racing track assets, the company confirmed on Wednesday.

Reuters reported on Tuesday that the deal was in the works, leading MI Developments' stock to be halted pending news on the Toronto Stock Exchange.

Shares of MI Developments soared more than 50 percent after they resumed trading on Wednesday, though volume was low.

Shareholders have long complained about Stronach's control of the company, which was spun off of Magna in 2003. CTV Two CTV News CTV News Channel BNN - Business News Network CP24