Astral receives final court approval for acquisition by BCE
MONTREAL, May 25, 2012 /CNW Telbec/ - Astral Media Inc. (TSX: ACM.A ACM.B) ("Astral") today announced that the Québec Superior Court has approved the previously announced acquisition of all of the issued and outstanding shares of Astral by BCE Inc. ("BCE") pursuant to a plan of arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement"). The Québec Superior Court declared that the Arrangement is fair to shareholders of Astral.
It is anticipated that the Arrangement will be completed in the second half of 2012, subject to, without limitation, required regulatory approvals. Once there is more certainty as to when the Arrangement is expected to be completed, shareholders of Astral will receive a letter of transmittal and election form explaining how they may deposit and obtain payment for their shares of Astral once the Arrangement is completed.
This press release contains certain forward-looking statements relating to the proposed acquisition by BCE of all of the issued and outstanding shares of Astral. We disclaim any intention or obligation to update or revise any forward-looking statements. The completion of the above-mentioned proposed transaction is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, any required regulatory approvals, including approval by the Canadian Radio-television and Telecommunications Commission (CRTC), Competition Bureau and Toronto Stock Exchange. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the terms and conditions contemplated in this news release. The proposed transaction could be modified, restructured or terminated.
Founded in 1961, Astral Media Inc. (TSX: ACM.A/ACM.B) is one of Canada's largest media companies. It operates several media properties - pay and specialty television, radio, out-of-home advertising, and digital - that are among the most popular in the country. Astral plays a central role in community life across the country by offering diverse, rich, and vibrant programming that meets the tastes and needs of consumers and advertisers alike. To learn more about Astral, please visit Astral.com.
Headquartered in Montréal, BCE Inc. (TSX, NYSE: BCE) is Canada's largest communications company, with the Bell and Bell Aliant brands providing a comprehensive and innovative suite of broadband wireless and wireline communication services to residential and business customers across Canada. Bell Media is Canada's premier multimedia company with leading assets in television, radio and digital media, including CTV, Canada's #1 television network, and the country's most-watched specialty channels. For BCE corporate information, please visit BCE.ca. For Bell product and service information, please visit Bell.ca. For Bell Media, please visit BellMedia.ca.
SOURCE ASTRAL MEDIA INC.