21:44:59 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



BCE Inc (2)
Symbol BCE
Shares Issued 840,536,626
Close 2015-05-19 C$ 53.37
Market Cap C$ 44,859,439,730
Recent Sedar Documents

Glentel, BCE complete transaction

2015-05-20 13:54 ET - News Release

See News Release (C-GLN) Glentel Inc

An anonymous director of Glentel reports

BELL COMPLETES ACQUISITION OF MOBILE PHONE DISTRIBUTOR GLENTEL AND WILL LATER TODAY DIVEST 50% OF GLENTEL TO ROGERS

Glentel Inc. and BCE Inc. have completed their previously announced transaction, pursuant to which BCE acquired all of the issued and outstanding common shares of Glentel, the Canadian-based multicarrier mobile product distributor.

BCE acquired all of Glentel's common shares for a total consideration of approximately $594-million. Glentel shareholders were entitled to elect and receive either $26.50 in cash or 0.4974 of a common BCE share for each Glentel common share, subject to proration. As a result of proration, Glentel shareholders that elected cash will receive $26.50 per Glentel share, shareholders that elected shares will receive approximately 0.3127 BCE common shares and $9.84 in cash per Glentel share, and shareholders that did not make a valid election will receive $26.50 in cash. BCE financed the approximate $295.6-million cash component with available liquidity and issued approximately 5,548,908 BCE common shares to finance the equity component. The acquisition gave BCE ownership of 100 per cent of Glentel's 22,311,665 common shares.

A former Glentel shareholder who has elected to receive only shares but, because of proration, receives a combination of BCE common shares and cash, will be required to make a joint election to obtain a full or partial tax deferral. A tax instruction letter providing certain instructions on how to complete the tax election may be obtained at BCE's website.

Glentel is expected to be delisted from the Toronto Stock Exchange effective at the close of business on May 22, 2015, and it has applied to cease to be a reporting issuer under applicable Canadian securities laws.

Further to an agreement dated Dec. 24, 2014, BCE will divest 50 per cent of its ownership interest in Glentel to Rogers Communications Inc. following closing of the acquisition on May 20, 2015.

We seek Safe Harbor.

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