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A consortium led by the Ontario Teachers’ Pension Plan entered into a definitive agreement with BCE on June 30, 2007 to acquire the company in a transaction valued at $51.7 billion including debt and other interests.
BCE’s Board of Directors unanimously recommended the proposal to shareholders over rival bids in June 2007. At a special meeting on Sept. 21, 2007, shareholders voted overwhelmingly in favour of the acquisition.
On Oct. 17, 2007, the consortium announced that George A. Cope, currently President and COO of Bell Canada, has been selected to become the CEO of BCE and Bell Canada at the completion of the pending acquisition. Michael Sabia, current CEO, announced on Sept. 21, 2007, that he will step down when the acquisition closes.
On July 4, 2008, a final agreement was announced by BCE and the investor group that confirmed the purchase price of $42.75 per common share, set the closing date on or before December 11, 2008, suspended the common share dividends and initiated the change to new leadership to take place July 11, 2008.
The investor group issued a statement confirming that, “We are very pleased to have reached agreement with BCE and that our banks continue to support the transaction. We look forward to completing the transaction on or before December 11, and working with George Cope and BCE’s talented management and employees to build on, and add value to, the strong platform that is in place.”
All required regulatory approvals have been received for the transaction.
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