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Canada: BCE draws the line on $3B Astral buyout attempt

By  |  May 13, 2013

As a weeklong hearing into entertainment company BCE Inc.’s attempted buyout of Astral Media Inc. drew to a close in front of Canada’s communications regulator, BCE reportedly drew the line at which is would divest assets in order to win approval for the deal. BCE, looking to buy Astral for $3 billion, has reportedly decided against selling anymore television or radio stations to secure the acquisition and has told the Canadian Radio-television and Telecommunications Commission that if the company were asked to sell more stations, it would not proceed with the deal. This marks the second time the parties have come before the regulator this year; the nation’s Competition Bureau has cleared the deal, and the companies have already agreed to divest certain television channels. In a statement, the company said that it has “already put our best foot forward” for a successful acquisition.

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