Canada's biggest buyout firm, Onex, has joined forces with the CPP Investment Board in the takeover battle that's unfolding for BCE (BCE/NYSE). The Globe and Mail reports:
Onex is jumping into the takeover battle because it is attracted to BCE's strong Bell Canada brand and huge customer base, and the potential for a shift in corporate culture that could drive far greater profits, according to sources close to the company.
Toronto-based Onex brings the ability to win contested auctions and operational expertise with companies to the CPP team, along with Canadian content in a bid that must be dominated by domestic funds in order to meet foreign ownership restrictions on telecom companies. Any bid for BCE will likely see buyers put in up to $8-billion of equity and borrow another $24-billion to purchase the country's largest phone company.
I posted about Onex last November. I didn't then -- and don't now -- own stock in the company. But it's run by a top notch guy.
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