Well, that didn't go too well.
The BCE Inc. takeover is dead, and the two sides appear headed for a $1.2-billion court fight over the carcass of the deal.
...
BCE, the parent company of Bell Canada, stated about eight hours later that the purchasers' notice was invalid because it was delivered before the Thursday-midnight termination deadline, but "given the purchaser's position, the BCE privatization transaction will not proceed." The Teachers group said that "under these circumstances neither party owes a termination fee to the other."
BCE disagrees, stating that it "will be demanding payment of the $1.2-billion break-up fee from the purchaser."
Of course, $1.2 billion is peanuts next to what BCE shareholders missed out on. But not only is it, as they say, the principle of the thing, BCE could probably really use the money.
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