It seems the markets are paying attention this time when Ontario Teachers' Pension Plan chief executive officer Jim Leech said yet again Wednesday that his outfit and its partners plan to complete its C$51.7 billion ($50.8 billion) takeover of Canadian telecom giant BCE Inc. on schedule early in the second quarter. Teachers, Providence Equity Partners and Madison Dearborn Partners are leading the world's largest buyout, but BCE shares have plunged as some shareholders doubt the deal will close with its original terms intact.
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"The intrigue around [BCE] never seems to end," The Globe and Mail quoted Leech as saying at a private equity conference in Toronto. Saying he is receiving almost daily calls from investors inquiring about the deal's financing, he added: "I look forward to the day when [BCE] is out of the public eye."
The reassurance seemed to pacify some -- but not all -- investors. On the Toronto Stock Exchange on Thursday, BCE shares rose 3.9% in early trading to C$36.71 -- their highest level since Jan. 16.
Before BCE bulls get too excited, it should be noted the shares are still at a discount of 14% to the C$42.74 takeover price. - Peter Moreira
See story from The Globe & Mail
See earlier story from TheDeal.com
