Call-Net extends Fonorola bid

Article Abstract:

Call-Net Enterprises Inc. of Toronto, Canada, has extended until Jun. 18, 1998, its C$1.6-billion, or C$60-per-share, bid to acquire rival long-distance phone firm Fonorola Inc. of Montreal, Canada. Under an extension provided by the Quebec and Ontario securities commissions late in May 1998, Fonorola has until Jun. 26, 1998, to consider options to the bid of Call-Net. However, no other buyer has tendered a rival offer so far. According to industry analysts, principal telecom firms that include BT PLC of the UK, GTE Corp. of Stamford, CT, UK-based Cable & Wireless PLC and Jackson, MS-based WorldCom Inc. are potential bidders for Fonorola.

Comment:

Extends until 6/18/98 its C$1.6-bil bid to acquire rival long-distance phone co Fonorola Inc of Montreal

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Fonorola surrenders to Call-Net

Article Abstract:

Fonorola Inc. has accepted the takeover offer worth C$1.8 billion from Call-Net Enterprises Inc. in a deal likely to create the largest alternative long-distance telephone firm in Canada. The agreement, subject to a minimum tender of two-thirds of Fonorola's stock, ends a two-month takeover fight for the third-largest long-distance company in Canada. The combined firm would become the largest long-distance telephone service provider in the nation with annual revenue of C$1.3 billion, or 16% of the market valued at C$8.6 billion a year.

Comment:

Sees C$1.8-bil takeover bid be accepted by target Fonorola in deal likely to create largest alternative long-distance phone firm

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