Look stops looking for buyer
EmptyTORONTO -- Canadian wireless cable provider Look Communications on Wednesday took itself off the auction block after fielding recent interest from possible buyers.
"Look believes it is inappropriate and unproductive to continue the formal shareholder maximization process, and accordingly has decided to discontinue at this time the formal process with 'interested parties,'" the Toronto-based company, which is 51% owned by Unique Broadband Systems, said in a statement.
Look late last year put itself up for sale through investment bank Greenhill and Co., hoping Canada's largest cable and phone players would covet its vast wireless spectrum and its broadcast TV license (HR 12/12).
The company, which has about 100,000 wireless cable TV and Internet access customers, has as its most valuable carrot 92 MHz of licensed spectrum in the 2.5 GHz band for exclusive use by domestic mobile phone carriers in Ontario and Quebec.
Look said bidders came forth during the recent formal sales process but no deal was finalized.
"This process, which started in late 2006, was commenced in an environment that is entirely different to the Canadian information, communication and entertainment environment that exists today," the company said.
Complicating a possible sale was the federal government recently indicating it will auction off more spectrum early next year. That announcement apparently led interested parties in Look's spectrum to back away from the sales process.