Telus extends Microcell buyout offer

Canadian telecommunications provider Telus Corp. extended its $780 million all-cash offer to purchase wireless rival Microcell Telecommunications Inc. until Aug. 20. The unsolicited offer originally was made on May 13 and extended on June 22. If accepted, the deal would provide Telus with a stronger wireless position in Quebec and Ontario as well as add GSM services to Telus’ current CDMA and iDEN-based technology offerings. Microcell’s management so far has refused to endorse the proposal and said it is looking at other means to stabilize its financial position.