The long-awaited buy-out of Canada’s largest telecoms company took another turn yesterday (22 May), writes The American Lawyer, as a five-judge panel of the Quebec Court of Appeal in Montreal ruled in favor of a group of bondholders seeking to stop a proposed $51.8bn (£26.5bn) deal for BCE, the parent of Bell Canada. The decision has the potential to kill the largest buy-out in Canadian history.
“The Court of Appeal concluded that the interest and rights of the bondholders were not considered by the board of directors of BCE and Bell Canada,” said Mark Meland, a lawyer for the bondholders and a name partner at Montreal boutique Fishman Flanz Meland Paquin.
