U.S. News

BCE Agrees to $32.6 Billion Buyout, but May Get Rival Bid: Report


The battle to take over Canada's biggest telephone company, BCE, may not be over yet, with other suitors saying they are considering their options, The Globe and Mail reported on Monday.

BCE on Saturday accepted an offer worth C$51.7 billion ($48.5 billion), including debt, from a group including the Ontario Teachers Pension Plan, in the biggest buyout in Canadian corporate history.

One of the losing BCE suitors, U.S. buyout firm Cerberus Capital Management, has not given up its pursuit of BCE, the newspaper reported, citing a source close to Cerberus.

"It's not over until we say it's over," it quoted the source as saying.

Meanwhile, Telus Chief Executive Darren Entwistle told the newspaper his company is keeping its options open. Entwistle would not comment on whether Telus itself has been approached about a takeover, according to the report.

None of the companies named in the story was immediately available for comment.