BCE Up on Reports Ontario Teachers' Pension Plan Planning Bid; Fund Rebuts Report of KKR Joint Bid
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BCE, Inc. (NYSE: BCE) is higher on reports from the New York Times and the Globe and Mail that 5.3% holder Ontario Teachers' Pension Plan approached Caisse de Depot et Placement du Quebec and the Canada Plan Investment Board about making a $45 billion bid for BCE. The reports also said the fund held talks will at least one private equity firm.
In an 13D filing after the close, Ontario Teachers' Pension Plan noted that in late March 2007, Kohlberg Kravis Roberts & Co. was reported as being interested in pursuing a transaction to acquire BCE and that Teachers' may be joining KKR in pursuing such transaction. Teachers' said it is not pursuing such transaction with KKR and has no current intention or plans to pursue such transaction with KKR. However, Teachers' said it is closely monitoring developments and is exploring its options.
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