CTV board for BCE takeover

Network will accept $1.6 billion bid offer

TORONTO — The board of directors of CTV Inc. recommended Monday that common shareholders of the Toronto-based TV network tender their shares to suitor BCE Inc. (parent of Bell Canada) after the company raised its bid for control by C$30 million ($21 million).

The network reported that financial advisers were brought in to examine BCE’s $1.6 billion takeover offer, which was tabled on Feb. 25 at $26 per share, and after negotiations in which BCE was convinced to raise its bid by 34¢ per share to $26.34.

“I think it’s a done deal,” said Montreal based Canaccord Capital analyst Ben Dube. “Who else is going to pay $26.34, plus (a break-off fee of) a lot of money?”

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