UPDATE: TELUS (TU) Withdraws Bid to Convert Non-Voting Common; Mason Capital Comments

(Updated - May 9, 2012 5:37 PM EDT)

Mason Capital Management LLC issued the following statement in response to TELUS Corporation’s (NYSE: TU) withdrawal of its proposal to convert its non-voting shares into common shares on a one-for-one basis.

“We thank the many voting shareholders who voted against the proposal. Many have expressed that they paid a higher price for the rights and privileges that come with voting shares and believed that this proposal dilutes this valuable right without compensation. Genuinely good governance respects the rights and powers of all shareholders as defined by the articles of the Company. There is no reason to assume that Mason Capital will not be a long-term shareholder of TELUS.”

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