UBS says that while it is still possible, it is not probable that TELUS could still launch a hostile takeover of Bell.
According to the report that came out last week,
Our conclusion is that it would be very difficult for TELUS to gain the certainty that we think it needs from the Competition Bureau ahead of the BCE shareholder vote. We continue to believe that the probability of TELUS launching a hostile bid for BCE is 25% or less.
UBS says that without strong assurance from the Competition Bureau, there would be a significant regulatory risk that would have to be offset by a 5-10% premium to BCE shareholders. At $46.75, BCE shareholders would pick up the value of all the merger synergies.
TELUS is releasing its quarterly results on Friday.