UPDATE 2-Magna "handcuffed" board with share plan-regulator

Newswire

* Plan was seen as "a one and only opportunity" * Majority of class A holders currently back share deal * Magna shares end up 2.4 pct on Toronto Stock Exchange (Adds details from hearing; in U.S. dollars, unless noted) By John McCrank TORONTO, June 23 (Reuters) - Management at Magna International "handcuffed" company board members by not consulting them on a plan to pay founder Frank Stronach a huge premium to give up his controlling share block, Canada's senior equities regulator ...

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