OSC gives Fonorola extension

Article Abstract:

Fonorola Inc., a Montreal, Quebec-based telephone company, has been given a one-month extension by the Ontario Securities Commission (OSC) to find bidders before approving the lifting of the company's poison pill. OSC's decision, which was handed down after Fonorola revealed that it is in negotiations with a number of potential bidders, was opposed by the Quebec Securities (QSC), which claimed to have the ultimate authority to decide Fonorola's sale. QSC issued a temporary ruling authorizing the lifting of Fonorola's poison effective immediately. Meanwhile, Toronto, Ontario-based Call-Net Enterprises Inc. has proposed to buy Fonorola for $1.6 billion and is awaiting the latter's lift on the poison pill.

Comment:

Is given 1-month extension by Ontario Securities Commission to find other bidders before it will lift firm's poison pill

Wired Telecommunications Carriers, Telephone Communications, Stockholder data, Telephone services, Fonorola Inc.

---

Rival snubs Philip scrap-metal assets

Article Abstract:

American Iron & Metal Co. owner Herbert Black has denied reports that his company is planning to buy the scrap-metal business of Philip Services Corp., saying he has no intention to do so because of the very high selling price. Black admitted he is considering buying some of the metal assets of Philips but decided not to submit its bid yet after coming to a conclusion that acquiring the unit will not add much value to its own operations. Philips Services has announced the sale of its scrap-metal unit in summer of 1998, noting it will use the amount it will be able to raise from the transaction to reduce its debt, which amounts to C$1.1 billion.

Comment:

Owner Herbert Black denies reports his company plans to buy scrap-metal business of Philips Services Corp

Acquisitions & mergers, Ontario, Secondary Nonferrous Metals, Nonferrous Metal (except Copper and Aluminum) Rolling, Drawing, Extruding, and Alloying, Nonferrous metals, Secondary metals, American Iron and Metal Co., Philip Services Corp.

---

Similar abstracts:

• Abstracts: Decades of dithering. More questions than answers at talkfest. Federal politics: new Labor: no dissent, no debate, no passion
• Abstracts: A friendship too close, a job too far. Credibility is the loser. A bleak house awaits the nationals
• Abstracts: Shaw wins control of WIC. Fonorola's poison pill quashed
• Abstracts: Shaw wins control of WIC. CRTC pulls plug on Shaw's stake in Headline Sports. Express Vu discloses Rogers deal
• Abstracts: CPL to bid on nursing home beds. Canadian coal producers caught in trade dispute. Royal Host launches hostile takeover bid for CHIP

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.