MONTRÉAL, March 10, 2017
/CNW Telbec/ - BCE Inc. (TSX: BCE)
(NYSE: BCE) has been notified
of an unsolicited mini-tender offer made by TRC Capital Corporation
to purchase up to 2 million BCE common shares, or approximately
0.23% of the company's outstanding common shares, at a price of
$56 per share. BCE does not endorse
this unsolicited offer, has no association with TRC Capital or its
offer, and recommends that shareholders do not tender their shares
to the offer.
BCE cautions shareholders that the mini-tender offer has been
made at a price below market price for BCE shares. The offer
represents a discount of 3.48% on the TSX closing price and 3.47%
on the NYSE closing price for BCE common shares on March 7, 2017, the last trading day before the
mini-tender offer was commenced.
According to TRC Capital's offer documents, BCE shareholders who
have already tendered their shares can withdraw their shares at any
time before 12:01 am eastern time on
April 6, 2017 by following the
procedures described in the offer documents.
Mini-tender offers are designed to seek less than 5% of a
company's outstanding shares, avoiding disclosure and procedural
requirements applicable to most bids under Canadian and U.S.
securities regulations. The Canadian Securities Administrators
(CSA) and the U.S. Securities and Exchange Commission (SEC) have
expressed serious concerns about mini-tender offers, including the
possibility that investors might tender to such offers without
understanding the offer price relative to the actual market price
of their securities.
The SEC states that "bidders make mini-tender offers at
below-market prices, hoping that they will catch investors off
guard if the investors do not compare the offer price to the
current market price."
BCE strongly encourages brokers, dealers and other market
participants to exercise caution and review the letter regarding
broker-dealer mini-tender offer dissemination and disclosures on
the SEC website at
www.sec.gov/divisions/marketreg/minitenders/sia072401.htm
BCE requests that a copy of this news release be included in any
distribution of materials relating to TRC Capital's mini-tender
offer for BCE shares.
Comments from the CSA on mini-tenders can be found on the
Ontario Securities Commission (OSC) website at
www.osc.gov.on.ca/en/SecuritiesLaw_csa_19991210_61-301.jsp
Information about mini-tender offers can be found on the SEC
website at www.sec.gov/investor/pubs/minitend.htm.
TRC Capital has made similar unsolicited mini-tender offers for
shares of other public companies in Canada and elsewhere.
About BCE
Canada's largest communications company, BCE
provides broadband wireless, TV, Internet and business
communication services from Bell
Canada and Bell Aliant. Bell Media is Canada's premier
multimedia company with leading assets in television, radio, out of
home and digital media. To learn more, please visit BCE.ca.
The Bell Let's Talk initiative promotes Canadian mental health
with national awareness and anti-stigma campaigns like Bell Let's
Talk Day and significant Bell funding of community care and access,
research and workplace initiatives. To learn more, please visit
Bell.ca/LetsTalk.
Media inquiries:
Marc Choma
613-785-0622
marc.choma@bell.ca
Investor inquiries:
Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca
SOURCE Bell Canada