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| Following the federal government's decision to
tax income trusts in October 2006, BCE began looking at other ways to
enhance shareholder value. Below are the key events that have occurred
over the past couple years.
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- October 12, 2006: BCE announces plan to become
an income trust
- October 31: Federal government cracks down
on income trusts
- December 12: BCE cancels plan to convert
into income trust
- March 29, 2007: Reports surface that the
Ontario Teachers' Pension Plan and Kohlberg Kravis Roberts &
Co. plan to make a bid for BCE
- April 9: In a filing with the Securities
and Exchange Commission, Teachers' says it is considering its
options with BCE and also discloses that it is the company's
largest shareholder
- April 11: Teachers' board member Thomas C.
O'Neill resigns citing a conflict of interest as he also sits
on BCE's board of directors
- April 17: BCE announces it is reviewing its
strategic alternatives and has begun talking to a consortium
that includes the Canada Pension Plan Investment Board, the
Caisse de depot et placement, the Public Sector Pension Investment
Board, and Kohlberg Kravis Roberts & Co. regarding privatization.
The same day, Teachers' says it is pleased that BCE is trying
to enhance shareholder value and may lead its own consortium
to take the company private
- April 20: BCE creates strategic oversight
committee
- May 23: Private equity firm Cerberus enters
privatization talks with BCE
- June 5: Teachers' files an amendment with
the SEC, which says it has acquired an additional 8 million
shares of BCE to own a total of 50.8 million shares, or 6.3%
of the company. It also announces it has formed a consortium,
which includes Providence Equity Partners, to enter discussions
over taking BCE private
- June 11: Onex joins the CPPIB-led consortium
- June 21: Telus enters discussions to acquire
BCE
- June 26: Onex reportedly leaves the CPPIB-led
consortium; the Caisse announces it will no longer participate
in the same group. Telus unexpectedly says it has dropped out
and won't make a bid for BCE
- June 29: BCE announces it is reviewing proposals
it has received
- June 30: BCE reaches definitive agreement
to be acquired by investor group led by Teachers', Providence
Equity Partners and Madison Dearborn Partners
- September 19: BCE says the bondholders' allegations
that they are being treated unfairly are without merit and any
claim "will be vigorously opposed in court"
- September 21: BCE shareholders approve the
deal
- March 7, 2008: The Quebec Superior Court
dismissed all claims asserted by or on behalf of certain holders
of Bell Canada bonds and approved BCE's plan of arrangement
for the company's privatization transaction
- March 27: The Canadian Radio-television and
Telecommunications Commission approves the privitization by
the Teachers' consortium, subject to certain conditions being
met
- April 9: Industry Canada issues approval
of acquisition of BCE by investor group
- May: Banks participating in the privatization
of BCE reportedly want the deal to be re-priced
- May 21: The Quebec Court of Appeal rules
that the deal is not fair to bondholders; BCE and the investor
group say they will seek leave to appeal to the Supreme Court
of Canada the Quebec Court of Appeal's decision to deny the
company's plan of arrangement related to the BCE's proposed
privatization
- June 20: The Supreme Court of Canada overturns
the Quebec Court of Appeal's ruling, paving the way for the
group led by Teachers' to take BCE private
- July 4: Teachers' now expects to complete
the deal on or before Dec. 11, 2008 and definitive financing
is now in place. The purchase price will remain at $42.75 a
share
- November 26: The deal to take BCE is in doubt
after KPMG says the leveraged buyout would put the telecom company's
solvency at risk
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