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To: Johnny Canuck who wrote (45213)	12/11/2008 3:57:50 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 72084

Associated Press $35B buyout of Canadian telecom company dead By ROB GILLIES , 12.11.08, 02:15 AM EST pic The largest leveraged buyout in history is dead after a group of buyers of the Canadian telecom company BCE Inc. said an audit found the proposed $35 billion deal to take the company private did not meet solvency requirements. An investment group led by the Ontario Teachers Pension Plan Board and several U.S. partners had expected to complete its deal for BCE (nyse: BCE - news - people ), the parent of Bell Canada, on Dec. 11. It also would have been the biggest takeover in Canadian history. Article Controls imageemail imagereprint imagenewsletter imagecomments imageshare imagedel.icio.us imageDigg It! imageyahoo imageFacebook imagerss Yahoo! Buzz But a review by accounting firm KPMG found that BCE would not meet the solvency tests of the privatization agreement, partly due to the amount of debt involved in the transaction and current market conditions. The company had to meet the solvency requirements for the acquisition to be completed. The buyers announced the decision early Thursday. "Because KPMG has concluded that a required test for the solvency opinion was not met, this mutual condition to completion of the acquisition could not be, and was not, satisfied," said Thursday's statement. "Accordingly, the purchaser terminated the agreement in accordance with its terms." Real-Time Quotes 12/10/2008 4:02PM ET * BCE * $18.29 * 2.70% * TD * $33.62 * 0.66% * DB * $36.75 * 1.94% * C * $8.30 * -2.81% * RBSP... * $25.32 * 0.00% Get Quote BATS Real-Time Market Data by Xignite Shareholders overwhelmingly approved the buyout group's offer of 42.75 Canadian dollars per share in September of 2007. BCE management had agreed to the deal in June 2007, just before credit markets began to unravel in North America. Comment On This Story The group said in the statement that no break-up fee will be paid.