Telus declines to bid on Bell Canada

In an unexpected turn of events, Telus has rescinded its bid for its larger rival Bell Canada, while some partners in one of three separate bids also decided to walk out on the bidding war. Analysts predicted that Telus would propose about $34.5 billion for Bell Canada. Telus explained its withdrawal by issuing a two-sentence press release that said Bell's bidding process "did not make it possible for Telus to submit an offer."

For more on the Telus-BCE saga:
- see this report from the New York Times

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