Canada’s top court delayed a ruling yesterday on whether to approve or reject the buyout of telecom company, BCE Inc., a decision that could elevate the rights of bondholders and make takeovers more difficult.

 


The Supreme Court could add billions of dollars to BCE's market value if it approves the $34.8 billion transaction to take BCE private in what would be the world’s largest leveraged buyout.

 


But shares could plunge if the court sides with bondholders who want the deal blocked, saying it would saddle BCE with too much debt. Such a ruling would have far-reaching implications, forcing companies to consider more than the interests of shareholders when weighing buyout proposals.