Telus says it has no intentions of making a competing offer to acquire BCE, which agreed in June to be taken private by a consortium led by the Ontario Teachers’ Pension Plan.
There has been much continued speculation and uncertainty in the market about the potential for Telus to pursue an offer to acquire BCE, but the company quashed those rumours today.
“After a thorough assessment of the opportunity and based on multiple factors, we are confirming today that Telus does not intend to submit a competing offer to acquire BCE,” says company CEO Darren Entwistle. “We believe that TELUS on a stand-alone basis with its strong growth oriented asset mix and investment grade financial strength will continue to create significant future value for investors.”
Telus entered into discussions to take over BCE late in the game and then unexpectedly dropped out a few days later. After the bid from Teachers’ was accepted, it was expected Telus might sweeten its offer.
For more about the battle to take over BCE and our special section, The Rise of Private Equity, click here.
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