The privatization of Northern Telephone Limited was completed on June 1, 2001 by way of amalgamation after the shareholders of the company voted overwhelmingly to approve at a special meeting held in Toronto on May 29, 2001. The shareholders received an all-cash consideration of $17.50 per common share. The company is now a wholly owned indirect subsidiary of Bell Canada. Northern Telephone was represented by Jacques DuBerger and by Ogilvy Renault, with a team consisting of Jean Daigle, Angelo Noce and Elliot Shapiro. Deloitte & Touche LLP, with a team lead by Nicolas Panagis, acted as financial advisors to the special committee of the board of directors of Northern Telephone.
