Astral Media Inc. says it is suspending its dividend and share buyback and will use the free-up cash to help reduce debt as it prepares for a friendly takeover by BCE Inc. expected to close late this year.
The radio, television and outdoor advertising company said it paid down bank liabilities to $475 million in its second quarter ended in February and will see a bump in available cash flow with the absence of the semi-annual dividend that would have been paid to shareholders in August.
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