Canada''s largest broadcaster CTV has accepted a takeover offer from telco giant BCE in a deal worth approximately $1.57bn (C$2.3bn) having held out for an extra $20m.
The factor clinching the deal was BCE''s offer to buy outright CTV shareholder Electrohome Broadcasting, which owns a 12% stake, for $185m. Electrohome executives had earlier expressed concern about the tax implications of the all-cash deal (Screendaily March 6); the absolute buy-out seems to have soothed concerns.
"CTV is satisfied that the BCE offer is in the best interests of its shareholders and the company," CTV chairman Allan Beattie said in a statement. The board has waived its shareholder-rights poison pill.