BCE defers second-quarter dividend, moves to close planned privatization

By Lisa Kerner

Charlotte, N.C., June 30 - BCE Inc.'s board of directors deferred the declaration of a dividend on the company's common shares for the second quarter of 2008.

The company said it will retain the $294 million that would have been paid for the quarterly dividend as BCE works to complete the proposed privatization transaction 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.

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.

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