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TELUS Offers C$4.6 Billion for Clearnet
Posted: 22-Aug-2000 [Source: Reuters]

[Canada's largest wireless company may result from Monday's bid from Telus for Clearnet.]

Toronto -- "TELUS Corp. (Toronto:T.TO - news) launched a bold strike into Eastern Canada on Monday to become the country's largest wireless company with a C$4.6 billion ($3.1 billion) bid for Clearnet Communications (Toronto:NETa.TO - news).

"TELUS, western Canada's fast growing communications conglomerate, said it offered C$70 for each Clearnet share, or 1.636 TELUS nonvoting shares, which is a 53 percent premium to Clearnet's C$45.80 closing price on Friday on the Toronto Stock Exchange.

"Clearnet shareholders have the option to receive cash, TELUS shares or a combination of both. Including C$2.0 billion in debt, the value of the deal balloons to C$6.6 billion.

"The move will expand TELUS's reach as a western-based phone company to a national wireless player, rivaling the customer base of BCE Inc.'s (Toronto:BCE.TO - news) Bell Mobility, Rogers Communications' (Toronto:RCIb.TO - news) AT&T Wireless, and Microcell Telecommunications (Toronto:MTIb.TO - news).

"This is a very exhilarating moment for the Canadian telecom industry. It catapults us into a leadership position in the mobile market," TELUS chief executive Darren Entwistle told a media briefing.

"The combined entity will be called TELUS Mobility, with its head office in Calgary and George Cope, currently Clearnet's chief executive, as president and CEO.

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