The Toronto Stock Exchange said today it will decide this week whether to order a vote by Manitoba Telecom Services (MTS) shareholders on the company’s proposed $1.7 billion bid for Allstream Inc.
The TSX said it will accept written submissions on the issue until 17:00 ET on March 30. A decision whether to order the vote will be announced at 17:00 ET. the following day.
The announcement comes after Entreprise Capital, one of the biggest shareholders of MTS, said last week it wanted the TSX to force a vote on the Allstream deal.
Entreprise launched an appeal to the TSX in the wake of the decision by MTS to buy Allstream and not follow through on an earlier proposal to convert into an income trust.
MTS was going to allow a shareholder vote on the income trust conversion, but not on the Allstream acquisition.
MTS unveiled its surprise bid for Allstream on March 18.