BCE, Teachers Union deal: on the rocks?
p2pnet news view Freedom | P2P:- Plans for the $52-billion take-over of Bell Canada, the country’s largest and most hated provider, are about to come crashing down, it seems.
Nor is the looming recession responsible.
“Bell parent BCE Inc. said yesterday a KPMG analysis indicates the telecom giant cannot meet solvency tests defined in the agreement under which the company will be acquired by an investor group led by the Ontario Teachers’ Pension Plan,” says the Canadian Press.
It was predicted, “that once the the Ontario Teachers’ Pension Plan and its partners had acquired BCE with Michael Sabia retiring as CEO, we’d see price hikes and layoffs since this buy-out puts the union and Bell Canada $52 billion into dept,” posted p2pnet’s Ottawa Gal recently.
She was right about the price hikes with one such announced only on Tuesday.
And last month, “I guess Bell is tired of pissing off its customers and is now try to piss off its business partners,” said bellsucksbigtime on dslreports.
“We are witnessing the implosion of Bell Canada.”
His comment came with the news that the Independent Communications Dealer Association of Canada were suing Bell Canada, Canada’s largest telecommunications company, for more than $200 million in damages, alleging abusive business practices, among other charges.
And on- and offline outrage over Bell Canada’s continuing efforts to kill net neutrality and force users to live with its traffic throttling practices continues to grow.
Now, “In its stunning pre-market statement yesterday, BCE outlined that without KPMG’s favourable opinion, ‘the transaction is unlikely to proceed’,” says the Financial Post, adding
“The company and the buyout partners apparently agreed to provide commentary and feedback to KPMG’s opinion, but little else.
” ‘The delivery of the solvency opinion is a condition to the completion of the acquisition of BCE,’ said a statement issued by Teachers and its partners.”
Did you enjoy this story, or find it interesting/useful? Help keep the posts coming by donating. No amount is too small. Cheers! And thanks.
Canadian Press - Bell takeover in doubt, November 27, 2008
Ottawa Gal – Bell Canada: is a new uprising nigh?, July 18, 2008
announced only on Tuesday – Bell Canada hikes satellite TV rates, November 25, 2008
dslreports – Bell Canada sued by independent dealers, October 21, 2008
on- and offline outrage – p2pnet traffic shaping digest, April 19, 2008
Financial Post – BCE deal has little chance of salvation, November 27, 2008
Use free p2pnet newsfeeds for your site. It’s really easy!
Subscribe to p2pnet.net | | rss feed: http://p2pnet.net/p2p.rss | | Mobile – http://p2pnet.net/index-wml.php
Net access blocked by government restrictions? Use Psiphon from the Citizen Lab at the University of Toronto. Go here for details.
November 27th, 2008 at 2:19 pm
And in the meantime, Bell is continuing to treat its customers and partners like dirt.
November 27th, 2008 at 2:40 pm
Here is a tip for you, Jon:
Twitter kills Canadian SMS updates.
http://venturebeat.com/2008/11/26/twitter-kills-canadian-sms-updates-can-the-us-be-far-behind/
More casualties of corporate greed.
November 27th, 2008 at 2:55 pm
^^ you must be prescient.
I’m literally working on a story right now. This’ll help.
Cheers!
November 27th, 2008 at 3:16 pm
^^ http://www.p2pnet.net/story/17722
Cheers! And thanks again …
November 27th, 2008 at 8:01 pm
Well, in times like this when stockholders want to get any kind of return on their investment they would chop the company to bits and have a fire sale.
I’ll be the first to bid on the last mile poles & copper, CO and remotes and start stringing fiber.
Time to start an ISP
KC
November 28th, 2008 at 7:16 am
^^ I’m waiting, hoping, praying and wishing that this abuser called Bell falls and falls hard. Start selling your stocks now.
Buy into new little companies that are about to start up that will provide the proper high speed and quality of service with good prices as destined.
Canadians have spoken and now it’s just a matter of time.