‘Legal challenges’ will delay Bell Canada’s buyout, the company s...
“Legal challenges” will delay Bell Canada’s buyout, the company said, adding that it hopes to close the deal Q3. But the buyout may be held up until year-end, as the purchasers now see economic conditions as making the price…
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as too high, the Globe and Mail reported. The paper said the buyers want to cut the price to $35 to $38 a share, compared with the $42.75 agreed to. They also seek stricter covenants, more favorable interest rates and other concessions, the story said. The company said earlier it would delay until June 30 a decision on whether to pay a $294 million quarterly dividend. Holding onto the dividend would leave more cash in the company for the buyers. Meanwhile, two senior executives are leaving Bell Canada. Patrick Pichette, president of operations, will become Google’s senior vice president and chief financial officer Aug. 1, the Internet company said in an SEC filing. Google will pay Pichette a yearly salary of $450,000, plus a signing bonus of $500,000 and $500,000 more after six months. Scott Thomson, executive vice president for corporate development and planning, is moving to Talisman Energy as executive vice president of finance and chief financial officer, BCE said.