BCE to Make Offer for All BCE / BC Preferred Shares

According to a news release issued today, BCE will “eliminate its holding company operations and convert Bell Canada into an income trust.”

As part of this transaction “BCE and Bell Canada to make cash offer to repurchase all of their outstanding preferred shares”, specifically:

BCE and Bell Canada expect that the cash offer prices for the preferred shares will be as follows (information from linked press release)

    – $26.05 per share for the Series R First Preferred Shares of BCE (BCE.PR.R closed 10/10 @ 25.45-79)
    – $25.60 per share for the currently redeemable Series S First Preferred Shares of BCE (BCE.PR.S closed 10/10 @ 24.85-05)
    – $25.60 per share for the currently redeemable Series Y First Preferred Shares of BCE (BCE.PR.Y closed 10/10 @ 24.40-54)
    – $25.75 per share for the Series Z First Preferred Shares of BCE (BCE.PR.Z closed 10/10 @ 25.50-59)
    – $25.65 per share for the Series AA First Preferred Shares of BCE (BCE.PR.A closed 10/10 @ 25.39-59)
    – $25.85 per share for the Series AC First Preferred Shares of BCE (BCE.PR.C closed 10/10 @ 25.65-72)
    – $25.60 per share for the currently redeemable Series 15 Class A Preferred Shares of Bell Canada (not tracked by HIMIPref™)
    – $26.05 per share for the Series 16 Class A Preferred Shares of Bell Canada (not tracked by HIMIPref™)
    – $25.95 per share for the Series 17 Class A Preferred Shares of Bell Canada (BC.PR.B closed 10/10 @ 25.10-24)
    – $25.60 per share for the currently redeemable Series 18 Class A Preferred Shares of Bell Canada (BC.PR.E closed 10/10 @ 25.13-25)
    – $26.25 per share for the Series 19 Class A Preferred Shares of Bell Canada (BC.PR.C closed 10/10 @ 25.46-51)

“BCE also intends to directly or indirectly make an offer to acquire any Series T First Preferred Shares of BCE that may be issued on conversion of the currently outstanding Series S First Preferred Shares.”

8 Responses to “BCE to Make Offer for All BCE / BC Preferred Shares”

  1. […] As noted earlier in the post BCE to Make Offer for All BCE / BC Preferred Shares, there is a distinct possibility that a large number of preferred share issues will disappear in a few months’ time: […]

  2. […] Closed at 25.10-15, 4×10. The potential tender is at $25.60 […]

  3. […] BCE is currently contemplating reorganizing into an income trust and in connection with this is offering to purchase all outstanding preferred shares. They are offering $25.60 for BCE.PR.S and $25.75 for BCE.PR.T. […]

  4. […] Easy come, easy go – the issue was down 0.7168% on the day. It would seem there is some question in the marketplace as to whether the tender will come to pass. […]

  5. […] The only issue in the FixedFloater index that isn’t swept up in the possible BCE-unit-trust-offer! Not only that, but the rate announcement and soon-expiring exchange offer will have caused a lot of portfolio tweaking. […]

  6. […]  This makes execution of the BCE offer to buy their preferreds rather dubious, since it was conditional on their conversion taking place. […]

  7. […] Closed at $24.51-86. Looks like the market feels the offer at $25.60 won’t be happening! […]

  8. […] Closed at $24.45-13, 13×7. A few shares actually traded as low as $23.72; total volume was 5,681 shares, a little above average for this issue but not remarkably so. I guess a few investors have decided that the offer at $25.75 just ain’t gonna happen! […]

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