Bell Aliant Offers $119 Million for Amtelecom Income Fund

6:42 pm on February 16, 2007 | Category: Business, Corporate

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The Bell Aliant Regional Communications Income Fund, which is owned in part by Bell Canada, has proposed an all-cash takeover of the Amtelecom Income Fund, at a cost of C$119 million (US$103 million).

The offer works out to C$13.00 per share, a 15.6% premium over Amtelecom’s $11.25 closing price on the TSX Thursday. The fund’s value has surged over 20% to $13.60 on news of Bell Aliant’s offer.

“We believe Amtelecom provides a natural fit with Bell Aliant due to its focus on regional wireline customers and the proximity of operating footprints,” commented the CEO of Bell Aliant, Stephen Wetmore, in a news release.

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