March 16, 2012 / 11:49 AM / in 6 years

Canada's BCE to acquire rival Astral Media

TORONTO, March 16 (Reuters) - Canada’s BCE Inc said on Friday has agreed to acquire Astral Media in a deal that values the television and radio program broadcaster at about C$3.38 billion, including the assumption of debt.

BCE will acquire all Class A non-voting shares of Astral for $50 per share, a 38 percent premium to Thursday’s close on the Toronto Stock Exchange.

The deal will be funded through a combination of cash and BCE common equity, with Bell retaining the right to replace shares with cash, in whole or in part, at closing. (Reporting By Euan Rocha; Editing by Janet Guttsman)

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