BCE files suit against Teachers
Simon Avery
Globe and Mail
BCE Inc. filed suit against the Ontario Teachers' Pension Plan and its partners on Wednesday, seeking a $1.2-billion break-up fee after their leveraged buyout of the telecom giant collapsed last week.
The suit, filed in the Superior Court of Quebec, also names Providence Equity Partners and Madison Dearborn Capital Partners, which together with Teachers had offered $35-billion for BCE.
The deal collapsed after auditor KPMG said the leveraged buyout would leave BCE technically insolvent, with liabilities greater than the value of its assets.
Deborah Allan, spokeswoman for Teachers, was not immediately available for comment.
More to come
© 2008 The Globe and Mail
Wednesday, December 17, 2008
Deborah Allan, spokeswoman for Teachers, was not immediately available for comment.
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1 comment:
I want to give a heart-felt thank you to the Teacher`s Pension Fund for putting me personally on the hook for part of the 1.2 billion in compensation to BCE.
Also , I am extremely happy to help pay for your legal cost.
All Ontario taxpayers personally thank you as well.
Dr Mike Popovich.
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