HALIFAX – The Competition Bureau has given the go-ahead to Bell Aliant’s proposed acquisition of Amtelecom Income Fund. After review, the federal body said it has no grounds to challenge the acquisition.
But Amtelecom Income Fund’s board of trustees is urging shareholders to reject the hostile takeover bid filed last month by Bell Aliant Regional Communications, as reported last week on cartt.ca. The Amtelecom board is actively looking for other bids.
“We are pleased with this positive development in our efforts to complete this acquisition,” said Bell Aliant president and CEO Stephen Wetmore on the Competition Bureau’s ruling. “We have made an excellent offer, and we hope it will be favourably received by the unitholders of Amtelecom.”
On February 28, 2007, Bell Aliant made an offer to acquire all of the outstanding units of Amtelecom at an all-cash price of $13 per unit. The offer is on the table until 5 p.m. on April 5, 2007.
