Telus backs out of BCE bid

Telus Corp. has decided not to go through with a bid for Canadian competitor BCE Inc.
“The inadequacies of BCE’s bid process did not make it possible for Telus to submit an offer,” the company said in a statement.
BCE had announced a strategic review of options in April, and Telus and BCE said earlier this month that they were in non-exclusive discussions about a “business combination.” The deal would have narrowed the number of national carriers in Canada to two.
Reuters reported that three buy-out companies-including a consortium that includes private-equity firm Kohlberg, Kravis Roberts & Co., and another that includes Cerberus Capital Management-still remain as possible buyers.