Last week, we observed that BCE’s board has taken too low a profile in the process to consider going private —so low as to be almost invisible. As we said then:
The fact that management appears to be leading the process, and has selected partners it feels comfortable with, is also troubling.
It is the board that needs to be carefully and undeniably setting the tone for these discussions. That voice is too faint and its timing has been unimpressive thus far.
Late on Sunday, BCE issued a statement confirming that its board is on the job. Here is part of what was said:
The Board and the Strategic Oversight Committee are committed to conducting a process that all qualified parties can participate in. The Board also indicated that all parties wishing to qualify to participate in the privatization process must be able to establish adequate financial capacity for a transaction of this size and complexity.
Nice to have the directors back online. We were glad to encourage their reappearance and hope they will stay connected.