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OTPP cleared to buy Bell Canada by Supreme Court

updated 08:50 pm EDT, Fri June 20, 2008

OTPP cleared to buy Bell

The Supreme Court of Canada on Friday ruled that the $52 billion purchase of Bell Canada is valid, allowing the Canadian telecommunications firm to be owned by the Ontario Teachers' Pension Plan. CBC reports that BCE stock jumped almost 10-percent as a result, rising $3.35 to close at $37.45 in New York. The deal overturns a previous court decision in the Quebec Court of Appeals, who ruled that the company must consider interests of bondholders.

The ruling also has the privilege of setting precedent, helping define legal rules that must be followed by directors to ensure proper steps have been taken in the event of a takeover.

Details on the ruling were not made readily available, other than that it received unanimous support from seven judges on overturning the previous verdict, and approving the current deal.

While the legal aspect is complete, bankers are still debating the move, with the four institutions reconsidering the deal in light of market instability.




by MacNN Staff

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Comments

  1. Guest

    Joined: Dec 1969

    -1

    Relation to...

    Must be a really slooooow news day.

    What does this have to do with Macs or Apple.
    I thought that this was the Mac News Network?

  1. imagine engine

    Joined: Dec 1969

    -4

    WTF?

    I'm wondering what their customers think of the Ontario Teachers Pension Plan who know nothing about Telecommunications managing Bell?

  1. Chris Hutcheson

    Joined: Dec 1969

    +3

    WTF?

    Probably a lot of us think that anything would be an improvement.

  1. chas_m

    Joined:

    +1

    Appreciation

    Just a quick note of appreciation to MacNN for at least covering issues of computing noteworthiness to Canadian Mac users. First on the whole iPhone/Rogers deal, now this.

    I know this stuff flies right over the heads of US readers, most of whom rarely if ever even think about their neighbour to the north, but we are a market of 32M people and Macs actually do quite well up here despite various obstacles most in the US do not have to deal with.

    PS. That has to be the ugliest picture of a beaver I have ever seen in my life. :)

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