MONTREAL - 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 (TSX:ACM.A) shares.
However, inadequate support from shareholders prompted the company to withdraw a planned vote on the payment of a $25-million premium to Astral president and CEO Ian Greenberg.
Astral chairman Andre Bureau later told reporters the company wouldn't disclose the percentage of shareholders who voted against the premium in proxies submitted ahead of the meeting.
Bureau said the company was not obliged to submit the premium to a separate vote, but did so for reasons of transparency.
Greenberg refused to meet with the media, saying he had to participate in a conference call.
Asked at the news conference about the future headquarters of Astral in Montreal, Bureau said he could not predict the future but wasn't particularly worried about it.
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 (CRTC).
Last month, Bureau suggested that BCE (TSX: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.
On the Toronto Stock Exchange, Astral's A shares lost one cent at $48.61 in afternoon trading. BCE shares were off 47 cents at $40.46.
