WINNIPEG, June 29, 2016 /CNW/ - (TSX: MBT) Manitoba Telecom Services Inc. (MTS) today announced that the Manitoba Court of Queen's Bench has issued a final order approving the previously announced statutory plan of arrangement under section 185 of The Corporations Act (Manitoba), pursuant to which, among other things, BCE Inc. (BCE) will acquire all of the issued and outstanding common shares of MTS (the Arrangement).
"We are pleased to receive the approval of the Manitoba Court of Queen's Bench for our proposed transaction with BCE," said Jay Forbes, President & CEO of MTS. "This builds on the overwhelming support we received from our shareholders last week. With the final order in hand and our shareholder approval in place we look forward to working with BCE to secure the necessary regulatory approvals while continuing to highlight the compelling benefits the transaction has for our customers, our employees and the long term growth and prosperity of the Province of Manitoba."
The transaction remains subject to the receipt of regulatory approvals from the Canadian Radio-television and Telecommunications Commission (CRTC) under the Broadcasting Act (Canada), the Competition Bureau under the Competition Act (Canada) and from the Minister of Innovation, Science and Economic Development Canada (ISED) under the Radiocommunication Act (Canada); and the satisfaction or waiver of other customary closing conditions.
Forward-looking statements disclaimer
This news release contains forward-looking statements and information (collectively, the "forward-looking statements") including, but not limited to those relating to the Arrangement, information concerning MTS and BCE, and other statements that are not historical facts. Completion and timing of the Arrangement are subject to a number of conditions precedent, some of which are outside MTS' and BCE's control, including, without limitation, receipt of the required regulatory approvals, the operation and performance of the MTS business in the ordinary course until closing of the Arrangement, the absence of a material adverse effect, including no award being in force, which would result in a material adverse effect and no action being pending or threatened (other than frivolous or vexatious actions) against or involving MTS or its subsidiaries that, if decided against MTS or its subsidiaries, would result in a material adverse effect, and compliance by MTS with various other covenants contained in the Arrangement Agreement, all of which are subject to important risks, uncertainties and assumptions. There can be no certainty, nor can MTS or BCE provide any assurance, that all conditions precedent to the Arrangement will be satisfied or waived and that the Arrangement will occur, or, if satisfied or waived, when they will be satisfied or waived. If the Arrangement is not completed, the market price of our common shares may be materially adversely affected. Moreover, a substantial delay in obtaining the required regulatory approvals or the presence of an award or action that would result in a material adverse effect could result in a prolonged extension of the outside closing date. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
At MTS, we're proud to be Manitoba's leading information and communications technology provider. We're dedicated to delivering a full suite of services for Manitobans – Wireless, Internet, TV, Phone Service and Security Systems plus a full suite of Information Solutions, including Unified Cloud and Managed Services. You can count on MTS to make connecting your world easy. We're with you.
We live where we work and actively give back to organizations that strengthen our communities. Through MTS Future First, we provide sponsorships, grants and scholarships, value-in-kind support and volunteer commitment in Manitoba.
MTS Inc. is wholly owned by Manitoba Telecom Services Inc. (TSX: MBT). For more on MTS' products and services, visit mts.ca. For investor information, visit www.mts.ca/aboutus.
Canada's largest communications company, BCE provides a comprehensive and innovative suite of broadband wireless, TV, Internet and business communication services from Bell Canada and Bell Aliant. Bell Media is Canada's premier multimedia company with leading assets in television, radio, out of home and digital media. To learn more, please visit BCE.ca.
The Bell Let's Talk initiative promotes Canadian mental health with national awareness and anti-stigma campaigns like Bell Let's Talk Day and significant Bell funding of community care and access, research, and workplace initiatives. To learn more, please visit Bell.ca/LetsTalk.
For further information: Investors: Brenda McInnes, Investor Relations, 204-941-6205, firstname.lastname@example.org; Media: Christine Payne, Corporate Communication, 204-941-8576, email@example.com