RE: An open letter to Jim Leech and OTPPBravo. That pretty much sums it up.
The sickening part is that this deal is falling apart precisely because of the specific deal that Teachers offered! It was THEIR price they committed to. It was THEIR level of leverage that they chose to use. As much as BCE's BOD made plenty of amateurish mistakes - the blame still falls squarely on Teachers. Not that I'm surprised, but they have zero honour/integrity. At the very least, they should be OFFERING to reimburse BCE for the amount of money they spent on the deal. Instead of acting like slimy weasels using the solvency opinion to get out of their obligation. Scumbags. Have they no shame? They bit off more than they could chew, the world changed, and now they are relieved that they don't have to honour their commitment in spite of their lies of alleged support for the deal. What a disgrace. The BCE shareholders should pay the price for THEIR (Teachers') stupid offer?
If not for the court cases, this deal would have closed quite some time ago, and Teachers would be in the same position as they would be if the deal closed tomorrow. But because they got BCE to wait - for THEIR BENEFIT!!! - they are using to wiggle out of the deal. That is as low as you can get. These are two major Cnaadian instutions. At long last, have you no decency, sir?
BCE should sue their azzez off - not for the break fee but for billions in damages. And anyone still sympathetic to Teachers whether it be in management or on the BOD needs to be expunged from the company. The preferential treatment of Teachers needs to end. BCE is way too cozy with them.
Hopefully, BCE will have a bright future and the shareholders will be rewarded sometime in the future. I'll probably lose quite a lot of money on this deal, but I feel even worse for those who bought at much higher prices or who hung on when they could have sold at $40. What a bitter sh*t sandwich to have to eat.