BCE’s downside volume part two
BCE Takeover Part 26
For those of you not near a quote screen, BCE (BCE:TSX) has dropped another $1 since the post here of Wednesday (see “Definition of troubling: BCE’s downside volume“, December 12-07). The markets were up yesterday, and are down today, so that’s not the answer. At $37.90, we are trading 11.4% below the alleged deal price of $42.75. And that’s before the dividends to come prior to OTPPB’s deal closing.
What gives? 6MM shares this am already.
Someone is nervous, and they are starting to make me nervous, too. Maybe Regulation Services could nudge BCE’s board of directors to give us the “all clear” sign via a timely press release? Or maybe OTPBB could utilize their right to acquire shares in the market and sweep up some of this “cheap” stock, assuming their takeover bid rules allow for same.
Where are the equity research analysts doing the analysis on what a great IRR you’ll earn by buying at this level? Those reports were being published, after all, when the stock was at $40 last Fall.
(disclosure – I own BCE, but maybe not for much longer)