BCE expects to go private on or before Dec. 11

By Lisa Kerner

Charlotte, N.C., Aug. 6 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed privatization of BCE Inc.

BCE said it expects the transaction to close on or before Dec. 11.

According to a BCE news release, all required regulatory approvals have been obtained.

It was previously reported that BCE amended its definitive agreement with 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 purchase price remains C$42.75 per common share under the final, amended agreement, while the reverse break fee was increased to C$1.2 billion. Closing was set to occur by Dec. 11.

On July 2, 2007, the investor group agreed to acquire all of the common shares of BCE not owned by Ontario Teachers for C$42.75 each and all of the company's preferred shares at between C$25.25 and C$25.87 each.

BCE is a Montreal-based communications company that provides telephone, internet, television and information services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.