Microcell considers its options

22 Jun 2004

Having rejected a CAD1.1 billion offer from Telus, Microcell Communications has revealed that it is in talks with a number of unnamed parties about a possible sale. Microcell’s board last month recommended that shareholders reject Telus’ unsolicited offer, which closes today, saying it was too low and another bidder might make a higher offer. Microcell is Canada’s fourth largest wireless operator, with 1.26 million customers at the end of March 2004. The country’s two largest providers, BCE and Rogers Wireless, have both been touted as possible bidders for Microcell, although fears have been expressed that a merger with either would face difficulties clearing regulatory hurdles.