Ontario Telephone Providers Engage in Bidding War

5:50 am on January 15, 2006 | Category: Business, Telecom Services

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Local telephone providers, Amtelecom and Execulink have been in a bidding war for the past week over People’s Communications Inc., a small telecom provider that operates in southwestern Ontario.

The currently leading offer, from Amtelecom, amounts to $56 a share, or nearly $24 million for the entire company.

Amtelecom currently has a deal with People’s, allowing them to match any rival offers for the company. They have been doing so all week against Execulink, increasing their offer by $1 per share each day.

“This improved offer continues to represent attractive value for our shareholders and the transaction with Amtelecom benefits subscribers by creating a stronger, more diversified telecommunications company,” said People’s CEO, William Vandenberg about the latest bid.

Vandenberg went on to say that “the People’s board has determined that the Amtelecom transaction is in the best interests of People’s and its shareholders and reaffirms its unanimous recommendation that the People’s shareholders vote in favour.”

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    Edited by Jeremy Maddock