BCE Inc. (TSX: BCE) (NYSE: BCE) said it has formally commenced its offer to purchase all of the issued and outstanding common shares of Bell Aliant Inc., other than common shares held by BCE.
Under the terms of the common share offer announced on July 23, 2014, each Bell Aliant shareholder can elect to receive consideration per common share of either (a) USD31.00 in cash, subject to pro-ration; (b) 0.6371 of a BCE common share, subject to pro-ration; or (c) USD7.75 in cash and 0.4778 of a BCE common share.
Concurrent with the commencement of the common share offer, BCE also initiated its offer to exchange all of the issued and outstanding preferred shares of Bell Aliant Preferred Equity Inc. for newly issued preferred shares of BCE, with the same financial terms as the existing Prefco preferred shares.
The offers will be open for acceptance until 5: 00 pm Eastern on September 19, 2014, unless extended or withdrawn by BCE.
On August 5, 2014, BCE obtained Competition Act clearance for the Bell Aliant privatization.
Bell Aliant is one of North America´s largest regional communications providers and the first company in Canada to cover an entire city with fibre-to-the-home technology with its FibreOP services. For more information, visit BellAliant.ca.
BCE is Canada´s largest communications company, providing a comprehensive and innovative suite of broadband communication services to residential and business customers under the Bell and Bell Aliant brands. To learn more, visit BCE.ca.