OK, this post is well behind the times, but something odd is going on.<\/p>\n
A BCE press release dated December 14<\/a> states:<\/p>\n BCE Inc. (TSX, NYSE: BCE) is today issuing a statement in response to certain rumours in the market regarding the status of its definitive agreement to be acquired by an investor group led by Teachers’ Private Capital, the private investment arm of the Ontario Teachers’ Pension Plan, Providence Equity Partners Inc. and Madison Dearborn Partners, LLC (the Investor Group).<\/p><\/blockquote>\n A BCE press release dated December 20<\/a> states:<\/p>\n 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.<\/p><\/blockquote>\n Merrill Lynch Global Private Equity? When did they join? What are the terms? The BCE FAQs on the deal<\/a> don’t mention them as principal members of the buying group. It also states:<\/p>\n What will be the level of Canadian ownership of BCE as a result of this transaction?<\/b><\/p>\n Immediately after the plan of arrangement is completed, not less than 58% of the equity ownership in BCE will be Canadian. The equity ownership of BCE would be as follows:
\nTeachers’ – 52%
\nProvidence – 32%
\nMadison – 9%.
\nOther Canadian investors – 7%
\nThe level of Canadian ownership cannot change as a result of any syndication of equity.<\/p><\/blockquote>\n