Microcell urges investors to reject Telus bid

21 May 2004

Canada’s smallest mobile operator Microcell Telecommunications has urged its shareholders to reject an unsolicited takeover bid for the company by Telus Corp, saying that the CAD1.1 billion (USD790 million) offer is too low. Microcell is asking its investors to hold out for a better price, saying Telus’ offer is inadequate from a financial point of view and comes with certain conditions that are a cause for concern, including relief from spectrum cap limitations.