Astral Shareholders Approve Sale of the Company to BCE
Astral Media shareholders have overwhelmingly approved the $3.4-billion acquisition of the TV, radio and billboard company by telecommunications giant BCE Inc.
The purchase was approved Thursday by shareholders representing more than 99 per cent of Astral's shares.
Members of Astral's management also said they expect Bell Canada's parent company would likely be required to sell some Astral radio stations to meet the conditions imposed by the Canadian Radio-television and Telecommunications Commission.
Last month, Astral Chairman Andre Bureau suggested that BCE could seek exemptions from the regulator to avoid having to divest the stations.
BCE expects the deal will be completed in the second half of the year after it receives regulator and court approvals. A hearing by the Quebec Superior Court is scheduled on Friday.