AYLMER, Ont. – A release issued late Monday makes it look as though there is some progress in the Bell Aliant bid for Amtelecom.
"Amtelecom Income Fund announced today that it has reached an agreement with Bell Aliant Regional Communications Income Fund in respect of Amtelecom’s Unitholder Rights Plan as it relates to Bell Aliant’s offer to purchase all of the outstanding Amtelecom units for $13 cash per unit," reads the release. Amtelecom units closed trading Monday at $13.35.
"Amtelecom and Bell Aliant have agreed that Bell Aliant will extend the expiry time of its offer until 5 p.m. EDT, April 13, 2007, and Amtelecom will waive the application of its Unitholder Rights Plan to Bell Aliant’s offer as of that date.
"As a result, Bell Aliant will withdraw its application currently before the Ontario Securities Commission, filed March 26, 2007 concerning Amtelecom’s Rights Plan, and Amtelecom will withdraw its response to Bell Aliant’s application."
Amtelecom’s board has opposed Bell Aliant’s bid to purchase the income fund, which owns the cable and telecom business serving almost 50,000 combined telecom, cable and Internet customers in several communities in southwestern and mid-Ontario, saying it is inadequate and that it is searching for other bidders.
