TIMELINE: Key dates in the BCE buyout saga

Fri Jul 4, 2008 5:16pm BST
 
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TORONTO (Reuters) - The buyers of Canadian telecom giant BCE Inc (BCE.TO)(BCE.N) will not reprice the company's C$34.8 billion ($34.1 billion) buyout and have finalized the funding necessary to complete the purchase, the company said on Friday.

Here are some key moments in the BCE buyout saga:

April 9, 2007 - The Ontario Teachers Pension Plan makes a regulatory filing stating it is exploring its options as the company's biggest shareholder, switching from its earlier stance as a passive investor. It is rumored to be unhappy with BCE's stagnant share price.

April 10 - A media report says Teachers' has enlisted U.S. buyout house Providence Equity Partners to explore a BCE buyout. BCE's shares soar to a five-year high shortly afterward.

April 17 - BCE announces a strategic review of its options and says it is in talks with a group of Canadian pension funds regarding a buyout. The funds have also enlisted U.S. private equity firm Kohlberg Kravis Roberts & Co.

May 23 - BCE announces another consortium led by Cerberus Capital Management LP has entered privatization talks with the company.

June 5 - BCE confirms a group led by Teachers has entered buyout talks with the company.

June 20 - BCE announces that rival Telus Corp (T.TO), Canada's No. 2 phone company, has entered into merger talks.

June 30 - BCE announces it has reached a "definitive" deal to be bought out by a group led by Teachers, Providence and Madison Dearborn Partners for C$42.75 per share in cash, or C$34.8 billion ($34.1 billion) in total -- the world's largest leveraged buyout.  Continued...

 

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