Canada's Supreme Court is expecting an overflow crowd today as Bell Canada gets its day in court to appeal a Quebec appeal's court decision that so far has blocked a $52 billion leveraged buyout--the largest ever--of the telecom.
The appeals court said Bell was unfair to its current bondholders because the value of their shares was likely to fall after the takeover, because the group--led by the Ontario Teachers' Pension Plan--needed to borrow an additional $34 billion to complete the purchase. The Bell deal is a complex one, and Canadian law hasn't had to deal with anything quite similar.
For more:
- Check out this blog in the New York Times