Monday, October 04, 1999
Aliant Inc. Responds to Bell Canada Offer
CHARLOTTETOWN, HALIFAX, SAINT JOHN, ST. JOHN'S – Aliant Inc. (TSE:AIT) acknowledged today that Bell Canada has advised it intends to make an offer to purchase up to 15.8 million of Aliant’s outstanding common shares at a price of $27.00 per share, in cash. This offer will be subject to customary conditions, including receipt of all required regulatory approvals, as well as Bell Canada achieving an ownership position of not less than 51 per cent of Aliant’s common shares.
Aliant’s Board of Directors will have a special committee which will supervise a valuation process, review the terms and conditions of the Bell Canada offer, and report on these to the Board of Directors of Aliant in accordance with applicable securities regulatory requirements.
Stephen Wetmore, President and Chief Executive Officer of Aliant, stated: “Our Company’s response to this offer is a matter for consideration by our Board of Directors. Until such time as the Board has considered the offer, and the findings of the special committee, and is prepared to make recommendations to our shareholders as a result of such considerations, the Company will make no further comment”.
The Aliant group of advanced technology companies and its staff of 9,000 professionals delivers full service, integrated solutions through its four core lines of business: wireline and wireless telecommunications, information technology, mobile satellite services, and leading-edge telecom centric solutions. From its base in Atlantic Canada, Aliant serves consumer and business customers in worldwide markets.
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