Mason Capital Management LLC (“Mason”) today responded to recent statements made by management of TELUS Corporation (TSX:T; TSX:T.A; NYSE: TU) regarding Mason and its investment in TELUS.
Despite management’s attacks on Mason Capital, it cannot answer the basic question: “ What it the value of the right to control TELUS?” Diversionary tactics aside, TELUS is left in the embarrassing position of having to argue that this fundamental shareholder right is worth what the Company proposes to pay for it: NOTHING.
Mason has fully disclosed its investment positions, including hedging positions, all of which express with maximum economic impact Mason's conviction that the Voting shares are worth more than the Non-Voting shares. Mason's investment positions are entirely appropriate and it intends to assert its full rights as a shareholder of TELUS. It is remarkable that instead of working to remedy the problems with the TELUS proposal that Mason has highlighted, management has adopted a take-it-or-leave-it stance and focused all of its efforts on attacking Mason.
Michael E. Martino, Principal and Co-Founder of Mason Capital, said, “Instead of fixing the plan to make it fair to all shareholders, TELUS management has been wasting time and resources making gratuitous attacks on Mason. TELUS should revisit or abandon this misguided proposal. Common shareholders ascribe great value to their voting control and believe it is worth more than they paid for it. TELUS’ proposal destroys this substantial value to the detriment of an entire class of shareholders, not just Mason. TELUS’ tactics are particularly hypocritical in light of its own recent announcement that it will use the company’s money to pay for shareholder votes, but only those that are in favour of its proposal . This conduct is abusive of TELUS shareholders such as Mason who disagree with management’s position.”About Mason Capital:
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