MONTREAL – Bell Canada Enterprises said today that the action brought under the Saskatchewan Class Action Act on behalf of common shareholders of BCE “is completely without merit and will be vigorously defended in court.”
A lawsuit was filed Friday in the Prairie province saying that the company didn’t get shareholder approval to suspend its dividend, which it has done in preparation for closure of its sale agreement on or before December 11th.
The lawsuit reportedly demands payment of the dividend plus $588 million in damages, as well as a halt to the sale of the company to a group led by the Ontario Teachers Pension Plan – a story extensively covered by Cartt.ca throughout 2008.
“Pursuant to the Definitive Agreement relating to the privatization transaction, as amended, the acquisition of the company is scheduled to close on or before December 11, 2008,” BCE re-asserted in its release.
