Cerberus Capital Management has officially entered the race to take BCE private.
A consortium which includes the private equity firm and a group of unnamed Canadian investors has signed non-disclosure and standstill agreements with the telecom company on a non-exclusive basis, says a statement from BCE.
It’s the second official bid for BCE, which entered into discussions with a consortium that includes the Canada Pension Plan Investment Board, the Caisse de dépôt et placement du Québec, and Kohlberg Kravis Roberts & Co.
“No assurances can be provided that any offer, if made, by any bidding group, now formed or to be formed in the future, will be accepted by the board of directors or that this review of alternatives will result in any specific action being taken by the company,” the statement says.
Last month, the Ontario Teachers’ Pension Plan announced it was considering making a bid for BCE.
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