Reuters: Regulatory News: UPDATE 1-Astral, BCE submit new takeover application

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UPDATE 1-Astral, BCE submit new takeover application Nov 19th 2012, 14:05 Mon Nov 19, 2012 9:05am EST Nov 19 (Reuters) - Canada's Astral Media Inc and its suitor, BCE Inc, filed a revised application for approval of their proposed combination, after the first one was rejected by the country's broadcast regulator, the companies said on Monday. The Canadian Radio-television and Telecommunications Commission blocked BCE's proposed C$3 billion ($2.99 billion) takeover of Astral last month, saying it would give too much power to BCE. The company, parent of Bell Canada, is already the country's biggest telecoms company and owner of numerous TV and radio assets. Astral and BCE gave no details on their revised proposal except to say t h e consideration payable to shareholders of As tral, BC E's la rgest content provider, w a s un changed. The companies said the revised proposal addresses the commission's concerns and sets out the steps the companies would take to comply with relevant viewership thresholds. Th e CRTC blocked the initial proposal, say ing it feared the deal would give BCE too much of a stranglehold over English-language programming. The CRTC will make details of the new proposal available when it launches its public consultation process on the application, the companies said. T he companies extended the outside date for the closing of the t ransaction to June 1, 2013, with b oth A stral and B CE h aving th e rig ht to postpone to July 31, 2013. T h ey ex tended the closing date to Dec. 16 after the CRTC rejected the initial proposal. Astral said its board declared a cash dividend of 50 Canadian cents a share o n b oth i ts class A non-voting shares and class B s u bordinate voting shares, pa yable Feb. 1 t o shareholders of record at the close of business Jan. 15. BCE, which appealed to the federal government to intervene after the CRTC blocked its initial application on Astral, said it has withdrawn the request it submitted to the federal cabinet. Link this Share this Digg this Email Reprints

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