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Glentel acquisition

On May 20, 2015, BCE completed the acquisition of mobile products distributor GLENTEL Inc. and subsequently divested 50% of GLENTEL to Rogers Communications Inc.

GLENTEL is expected to be delisted from the Toronto Stock Exchange (TSX) effective at the close of business on May 22, 2015.

Information for GLENTEL shareholders

As specified under the plan of arrangement, GLENTEL shareholders were entitled to elect and receive, for each share held, either:

  • $26.50 per share in cash, subject to pro-ration (cash consideration); or
  • 0.4974 of a BCE common share per share, subject to pro-ration (share consideration)

Any election by a shareholder was subject to pro-ration and rounding  such that the total consideration paid by BCE was comprised of 50% in cash and 50% in BCE common shares. The share consideration was based on BCE’s 5-day volume weighted average trading price on May 19, 2015 (the day before the close of the transaction) of $53.19. As a result, shareholders may have ultimately receive a combination of cash and BCE common shares by operation of the pro-ration provisions of the plan of arrangement.

The table below indicates the entitlement received by former GLENTEL shareholders for each GLENTEL share. The pro-ration was only applied to the share consideration.

ElectionEntitlement to be Received

Cash consideration

$26.50 in cash

Share consideration

Approx. 0.3127 of a BCE common share and $9.84 in cash

No valid election

$26.50 in cash

A former GLENTEL shareholder who elected to receive only the share consideration but, because of pro-ration, received a combination of BCE common shares and cash, will be required to make a joint election to obtain a full or partial tax deferral. The tax instruction letter provides instructions on how to complete the tax election.

Tax Instruction Letter and Questionnaire for Former GLENTEL Shareholders

The tax instruction letter describes the tax election that may be made jointly with BCE to defer the tax arising from the disposition of your GLENTEL shares pursuant to the plan of arrangement. 

If you are an Eligible Holder (as defined in the Management Information Circular) and wish to make a tax election for income tax purposes in respect of your GLENTEL shares disposed of pursuant to plan of arrangement, you must complete a short questionnaire within 90 days after the disposition of your common shares. Within 30 days of receipt of your completed questionnaire, a tax election form signed by BCE containing your information will be provided to you.

The questionnaire is a web-based tool for inputting and submitting the Tax Election information to BCE. Former GLENTEL shareholders can complete the questionnaire by accessing it through the secure website established by BCE to assist shareholders with the tax election process. The completed questionnaire may be submitted online. Please visit the tax election website.

 

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