MONTREAL, Québec, Dec. 20 /CNW Telbec/ - BCE today received formal notice
that the Canadian Radio-television and Telecommunications Commission has
scheduled a public hearing for February 25, 2008, to review the change in
control of BCE's broadcasting licences to an Investor Group led by Teachers'
Private Capital, the private investment arm of the Ontario Teachers' Pension
Plan, Providence Equity Partners Inc., Madison Dearborn Partners, LLC and
Merrill Lynch Global Private Equity.
As previously disclosed, the closing of the transaction is subject to
customary conditions, including regulatory and court approvals. Given the
February 25, 2008 date set by the CRTC for a public hearing, BCE now expects
the transaction to close in the first part of the second quarter of 2008.
BCE continues to work with the investor group to satisfy the conditions
necessary to close the transaction.
About BCE Inc.
BCE is Canada's largest communications company, providing 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. BCE also holds an
interest in CTVglobemedia, Canada's premier media company. BCE shares are
listed in Canada and the United States.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements relating to the
proposed acquisition of BCE and other statements that are not historical
facts. Such forward-looking statements are subject to important risks,
uncertainties and assumptions. The results or events predicted in these
forward-looking statements may differ materially from actual results or
events. As a result, you are cautioned not to place undue reliance on these
The completion of the proposed acquisition is subject to a number of
terms and conditions, including, without limitation: (i) approval of the CRTC,
Industry Canada and other applicable governmental authorities, (ii) necessary
court approval, and (iii) certain termination rights available to the parties
under the definitive agreement dated June 29, 2007 governing the terms of the
transaction. These approvals may not be obtained, the other conditions to the
transaction may not be satisfied in accordance with their terms, and/or the
parties to the definitive agreement may exercise their termination rights, in
which case the proposed acquisition could be modified, restructured or
terminated, as applicable. Failure to complete the proposed acquisition could
have a material adverse impact on the market price of BCE's shares. In
addition, depending on the circumstances in which the acquisition is not
completed, BCE could have to pay significant fees and costs as directed by the
purchaser, in addition to its own costs incurred in connection with such
activities completed to date.
The forward-looking statements contained in this news release are made as
of the date of this release and, accordingly, are subject to change after such
date. However, we disclaim any intention and assume no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise. Additionally, we undertake no obligation to
comment on expectations of, or statements made by, third parties in respect of
the proposed acquisition. For additional information with respect to certain
of these and other assumptions and risks, please refer to the definitive
agreement dated June 29, 2007, as well as BCE's 2007 Second Quarter MD&A dated
July 31, 2007, BCE's 2007 Third Quarter MD&A dated November 6, 2007 and BCE's
management proxy circular dated August 7, 2007, all filed by BCE with the
Canadian securities commissions (available at www.sedar.com) and with the U.S.
Securities and Exchange Commission (available at www.sec.gov). These documents
are also available on BCE's website at www.bce.ca.
For further information:
For further information: Pierre Leclerc, Bell Canada, Media Relations,
(514) 391-2007, 1 877 391-2007, email@example.com; Thane Fotopoulos, BCE,
Investor Relations, (514) 870-4619, firstname.lastname@example.org