Jon,
Only step left now is for the banks to honour their contracts. Teacher's lead bank, TD, has already publicly stated that it will.
BCE up $0.80 in Toronto today before this news came out. It is still $4.65 under the takeout price. I didn't see any AH trading.
Last time we exchanged views, BCE was trading between $33 and $35.
I still think the deal will close. And I suspect there's a better than 75% probability that the deal price remains unchanged.
There is no break up fee permitted in the absence of a major adverse change. Teacher's is on the hook even if their funding falls through. With a MAC, breakup is $1B.
FWIW,
Ian.
This hit my inbox at 6:18. I don't know when it was actually released - probably 6PM???
BCE files all required materials with CRTC
cnw
MONTREAL, Quebec, May 12 /CNW Telbec/ - BCE announced today it has filed with the Canadian Radio-television and Telecommunications Commission (CRTC) all required materials relating to the proposed acquisition of BCE by an investor group led by Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Providence Equity Partners Inc., Madison Dearborn Partners, LLC, and Merrill Lynch Global Private Equity.
The filing of these materials was required by the CRTC in connection with its March 27th approval of the transfer of BCE's broadcasting licenses to the investor group.
BCE expects the transaction to close before the end of the second quarter of 2008. |
