The proposed takeover of Bell Canada Enterprises remains in doubt as the Thursday, Dec. 11, closing date nears. Most recently, BCE responded to widespread media reports about a potential alternative to a complete buyout, issuing a statement saying it had not received a proposal for an alternative deal that would see the prospective buyers take a minority stake in BCE instead. In any case, it does not sound like the banks that are supposed to fund the $42 billion acquisition would support an alternative deal, according to reports in Canada's Financial post and elsewhere.
The alternative deal reportedly would see a 20 percent stake in BC exchanged for about, "$8 billion to $10 billion, along with the payment of a special one-time dividend to common shareholders," the Post reports. KPMG, according to the Post, is set to undertake a final solvency review of the deal by Thursday.
- The Financial Post has this story
The BCE acquisition has been on thin ice lately
The prospective BCE buyers launched their bid in 2007