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News | 05/19/2004 4:00 am EDT

TELUS launches $1.1-billion bid for Microcell
TELUS Corp. has launched an unsolicited $1.1 billion all cash offer for Microcell Telecommunications Inc., marking another step in the consolidation of the Canadian telecommunications market. The wave of mergers and acquisitions began earlier this year when Manitoba Telecom Services Inc. offered $1.7 billion for Allstream Inc. Speculation is ripe that there could be other suitors for Microcell with several media outlets saying Rogers Wireless Inc. is a likely candidate. The Microcell bid, says TELUS, is part of its growth strategy focusing on the wireless, IP and data markets. A combined TELUS-Microcell would count approximately 4.8 million subscribers.

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