RE: TomorrowI suspect tThey will run this right to the wire and announce it after close of trade tomorrow so the stock would be halted Friday.
There is still an easy option whereby BCE could become solvent and it amounts to the same thing for OTPP:
Essentially BCE could book a receivable from OTPP for $3.2B (or whatever the magic number is that makes them solvent) such that OTPP cannot derive any benefit from the asset (BCE) until the receivable is paid off. As It is paid off the cash is used to chip away at the $34B principal. So banks get paid first until the loan amount is more manageable. OTPP would control BCE but not make any money from it for a year ot two.
Amounts to the same thing for them as if the deal goes bust and then try to buy it back in 2 or 3 years. This way they lock up the asset from future competitive bids and avoid all the law suits. Its the only decent way.
I think the deal can go through as long as OTPP bends. The KPMG thing is being used to squeeze the OTPP Consortium. Lenders are nervous and want more security. If OTPP concedes enough to make BCE solvent, then KPMG an bless it, and make Citigroup happy, then the the deal will go through.
Anyway its a glimmer of hope for longs. We'll see soon enough what happens.