RE: RE: Isn't it amazing?See, that's the thing that bothers me. There is no question that Teachers wants BCE - but at a lower price. The $42.75 pricetag was too high even when the deal was struck. Now, it's just ridiculous. I also believe that BCE shareholders would approve a lower priced deal too. I'm not sure how low - but let's say somewhere around $37-$38. Thus we have a motivated buyer and a motivated seller. Normally, that would be all it takes. Except as we well know the banks are not motivated at all, and are happy as pigs in sh*t that this deal is being killed. With the US dollar strength and an app. $5/share lower price, it would be such a better deal for them than the current one. But int his environment, there's no way they'd go for it.
Seems a shame to me. I'm not sure of the legalities but I don't think that BCE (with shareholder approval) and Teachers can change the amount without changing the deal itself, etc? So that's just the way it goes. Chit happens. While it's nice to see some optimism on the messageboards, I cannot see a way for them to pull this out. There just isn't a way to do it. Not without the banks agreeing to doing a new/lower-priced deal - which isn't going to happen. They would be nuts to do it.
BTW, I am not currently a shareholder. A few months ago I closed my longs and I unfortunately sold a lot of puts instead. Only time will tell if that was a better or worse move. I will definitely lose serious coin - the only question is "how much". Therefore my interest is slightly different than the longs'. For example, I do not want a large special dividend paid out because that would lower the stock price (after it's paid). I much prefer their cash be used to buyback shares so that BCE puts a floor under and supports the SP.
Bottom line: even though BCE wants to sell and Teachers wants to buy, after all the time, effort, and money, it was just a bridge too far.