Bell-Astral deal deadline extended to 31 July

4 Jun 2013

Bell Canada Enterprises (BCE) has extended its revised takeover offer for Astral Media to 31 July 2013, from a previous target date which passed on Saturday, as it awaits regulatory approval for the CAD3.4 billion (USD3.29 billion) transaction, CTVnews reports. The original takeover bid announced in March 2012 was rejected by the Canadian Radio-television and Telecommunications Commission (CRTC) over concerns it gave Bell an unfair level of control of the television market; the CRTC held a week of hearings earlier this month into the revised proposal. The sale has already been approved by the Competition Bureau, Quebec Superior Court and Astral’s shareholders.