Agreement with Bell extended to December 16 2012
MONTREAL, Oct. 25, 2012 /CNW Telbec/ - Astral Media Inc. (ACM.A ACM.B) today announced that it has been advised that, in accordance with the terms of the arrangement agreement dated March 16, 2012, BCE Inc. (Bell) has elected to postpone the Outside Date to December 16, 2012. Each of Bell and Astral has the right to further postpone the Outside Date by an additional period of 30 days to January 15, 2013.
The transaction is subject to closing conditions, including regulatory approvals from the CRTC and the Competition Bureau. On October 18, 2012, the CRTC issued its decision on Bell's application for authority to acquire and change the effective control of the Company and denied Bell's application. On October 22, 2012, Bell submitted its request that the Federal Cabinet issue a policy direction to the CRTC, under Section 7 of the Broadcasting Act, that directs the CRTC to follow its existing policies when reviewing change of control transactions in broadcasting. Bell stated that with such a Cabinet policy direction in place, it would then re-submit a Change of Control Application to the CRTC. There can be no assurance that the transaction will occur, or that it will occur on the terms and conditions currently contemplated.
This press release contains certain forward-looking statements concerning the future performance of the Company. These forward-looking statements are based on current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including technological change, economic conditions, regulatory change, competitive factors and changes in accounting rules or standards, many of which are beyond the Company's control. We disclaim any intention or obligation to update or revise any forward-looking statements.
Founded in 1961, Astral is one of Canada's largest media companies. It operates several media properties—pay and specialty television, radio, out-of-home advertising and digital media properties—among the most popular in the country. Astral plays a central role in community life across the country by offering diverse, rich and vibrant programming that meets the tastes and needs of consumers and advertisers alike. To find out more about Astral, go to astral.com.
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Astral Media inc.