Ottawa Business Journal - Canada - World

Article

Print
Send to a friend
Comment (0)

Astral shareholders approve BCE takeover

(Stock image)

Published on May 24, 2012; Published on May 24, 2012
The Canadian Press ~ OBJ

Shareholders of Astral Media Inc. (ACM.A) have given their approval for a $3.4-billion acquisition of the TV, radio and billboard company by telecommunications giant BCE Inc. (TSX:BCE).

Topics :: Astral , BCE , Quebec Superior Court

The purchase was approved by shareholders representing more than 99 per cent of Astral's shares.

The company decided against holding a vote on payment of a $25-million premium to Astral's president and CEO Ian Greenberg, due to inadequate support from shareholders.

BCE's takeover of Astral must also receive approval from the Quebec Superior Court at a hearing scheduled for Friday.

BCE expects the purchase of Astral to be completed in the second half of the year, pending usual court and regulator approvals.

Rate
Top of the page

Submit a comment

Submit a comment Your name* Email* (we keep all emails private) Write your comment here*

Agreement

We ask that users remain courteous. You may not post insulting, discriminatory or inappropriate content, which may be removed at our discretion. We are not responsible for user content and opinions. Use of this site as well as content submission & ownership are governed by our Conditions of Use and Privacy Policy.

Member organizations should be non-profit in nature, and promote legal activities. Any organization found promoting illegal activities or commercial products or services will be deleted from the site.

I agree with these conditions.