With the Clear Channel deal getting new terms agreed to by the parties involved, the chances of the BCE (BCE/NYSE) deal going through look improved. The shares have traded up, erasing the stock as an arbitrageur play at this point.
In a stroke of dumb luck, I didn't buy BCE as a takeover candidate. I just thought the market viewed it as a no-growth legacy phone company. I liked the idea of the company moving more and more into its "growth" businesses -- wireless and high-speed Internet, for instance. Throw in a good dividend yield and stock repurchases and I willingly took a chance.
Oh well, this is a reminder that most any stock that's undervalued could find itself in play.
And I'm reminded of the old saying that the Good Lord looks out for drunkards and fools. I'm not the former thought I often qualify as the latter.
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