BURNABY – Glentel securityholders have overwhelmingly approved a plan that will see BCE buy the independent mobile retailer for $670 million.
At a special meeting of shareholders held Monday, 99.99% of the votes cast by eligible securityholders (including 99.99% of the votes cast by disinterested shareholders) were in favour of the transaction, reads a news release issued by Glentel. The deal, announced November 28, provides for, among other things, the acquisition by BCE of all of the outstanding common shares of Glentel and the purchase for cancellation by Glentel of all of the outstanding options to purchase common shares of Glentel.
The acquisition is expected to be completed in the first half of 2015, subject to satisfaction of customary closing conditions, including receipt of required Court and regulatory approvals. Application for a final order of the Ontario Superior Court of Justice (Commercial List) approving the arrangement has been scheduled to be heard on January 14, 2015.
As Cartt.ca reported, Bell and Rogers struck a separate agreement late last month that will see each company own 50% of Glentel shares representing 50% of Glentel's retail operations.
Headquartered in Burnaby, BC, Glentel sells wireless products and services from Bell Mobility, Chatr, Fido, Rogers Wireless, SaskTel and Virgin Mobile at 494 retail locations across Canada.
