FONOROLA RECOMMENDS CALL-NET BID
By Adnews Staff
Fonorola Inc. of Montreal is recommending that its shareholders accept a takeover bid by Call-Net Enterprises of Toronto. If the deal goes through, Call-Net will become Canada's second largest long distance provider, behind BCE Inc., Bell Canada's parent. The combined company would have annual sales of $1.32 billion and 1.35 million subscribers, based on 1997 numbers. Call-Net owns Sprint Canada. Advertising for Sprint is handled by Grey Advertising of Toronto. Fonorola's advertising is handled by Allard Communications of Montreal. Call-Net wants to purchase Fonorola because it has a strong business market, something Sprint doesn't have.
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