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Banks expected to bring BCE offer down to $39.25
Posted on June 23, 2008
Regardless of what the Supreme Court of Canada s approval of the BCE Inc. takeover does for the stock in the near term, what matters most for many shareholders is the deal s closing price.The banks financing the privatization of BCE are not expected to take it easy on the buyout group led by the Ontario Teachers Pension Plan. They will likely push for an 8% cut to the original deal price of $42.75 per share, according to Desjardins Securities analyst Joseph MacKay. Based on the precedents set in the Clear Channel deal and the weak credit markets, we expect the banks to play hardball, ...
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