macnn/electronista
06/20/2008, 8:50pm, EDT
Friday, June 20thOTPP cleared to buy Bell Canada by Supreme Court
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.
, 
, 4
, 
, 
, 
, 
, 
, 
Top
subscribe to comments
for this article
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?
WTF?
I'm wondering what their customers think of the Ontario Teachers Pension Plan who know nothing about Telecommunications managing Bell?
WTF?
Probably a lot of us think that anything would be an improvement.
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. :)