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BCE board accepts offer, files management proxy circular

BCE today announced the company filed its management proxy circular with the Canadian and U.S. securities commissio...


August 14, 2007  


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BCE today announced the company filed its management proxy circular with the Canadian and U.S. securities commissions in preparation for the special shareholder meeting to be held on Sept. 21 in Montreal.

The proxy circular contains a unanimous recommendation from BCE’s board of directors to accept the proposed acquisition by a consortium led by Teachers’ Private Capital (the private investment arm of the Ontario Teachers’ Pension Plan), Providence Equity Partners and Madison Dearborn.

On June 30, BCE entered into a definitive agreement to be acquired by the consortium in a transaction valued at $51.7 billion.

The investor group is offering $42.75 per common share, representing a 40% premium over the average closing price of BCE common shares for the three-month period ending on March 28, 2007, the last trading day before there was public speculation about a possible transaction involving BCE.