MONTREAL, Québec, April 29 /CNW Telbec/ - The Board of Directors of BCE
Inc. (TSX/NYSE: BCE) today announced that it has set a proposed timetable for
the Company's review of a range of strategic alternatives based upon the
recommendation of the Strategic Oversight Committee established on April 20,
2007. The review is currently expected to be completed in the third quarter of
BCE previously announced its intention to review all strategic options
that could further enhance shareholder value and the creation of a Strategic
Oversight Committee. The Committee reports to the full Board and is composed
of independent directors André Bérard, Thomas C. O'Neill, James A. Pattison
and Chair Donna Soble Kaufman.
One option under consideration by the Board is the privatization of the
Company. In that context, Donna Soble Kaufman commented: "The actions taken by
the Board, management and advisors have been consistent with the goal of
creating an open process to surface the highest value available through the
privatization option. In doing so, we recognize the challenge presented by the
fact that the Government of Canada's foreign ownership rules will limit the
role that large non-Canadian sources of equity can play in enabling this
competition. For that reason, our goal from the beginning has been to foster a
competitive process by seeking to ensure that no one party is able to assemble
a disproportionate share of available Canadian equity. In all their actions,
the Board, management and advisors have followed this principle."
The Board and the Strategic Oversight Committee are committed to
conducting a process that all qualified parties can participate in. The Board
also indicated that all parties wishing to qualify to participate in the
privatization process must be able to establish adequate financial capacity
for a transaction of this size and complexity.
BCE will open an electronic data room this week that will be available to
any qualified bidder. Potential bidders would also be required to sign
standard confidentiality and standstill agreements for transactions of this
Concurrently, the Strategic Oversight Committee will continue to consider
strategic alternatives other than privatization.
No assurances can be provided that the review of alternatives will result
in any specific action being taken by the Company.
About BCE Inc.
BCE is Canada's largest communications company. Through its 28 million
customer connections, BCE provides the most comprehensive and innovative suite
of communication services to residential and business customers in Canada.
Under the Bell brand, the Company's services include local, long distance and
wireless phone services, high-speed and wireless Internet access, IP-broadband
services, information and communications technology services (or value-added
services) and direct-to-home satellite and VDSL television services. Other BCE
holdings include Telesat Canada, a pioneer and world leader in satellite
operations and systems management, and an interest in CTVglobemedia, Canada's
premier media company. BCE shares are listed in Canada, the United States and
For further information:
For further information: Pierre Leclerc, Bell Canada, Media Relations,
(514) 391-2007, 1-877-391-2007, firstname.lastname@example.org