BCE Decision

The most significant Canadian business law decision was released a moment ago. I am in Ottawa presently. And...

The appeal is allowed with reasons to follow.

Which means that the BCE transaction will close.

OTTAWA (Reuters) - Canada's largest telecom company, BCE Inc. , won the backing of the Supreme Court of Canada on Friday to proceed with the world's biggest leveraged buyout.

The high court overturned a Quebec Court of Appeal decision which had said the C$34.8 billion ($34.1 billion) plan, to be funded partly by taking on new debt, did not take adequate account of the interests of existing bondholders.

It was a stunning victory for BCE, and analysts had said it would make the shares jump closer to the C$42.75 being offered by the Canadian-U.S. group of investors led by Ontario Teachers' Pension Plan for the deal, though banks involved in the deal are seeking better terms.