Court Approves Telus Arrangement

The torrent of litigation relating to Telus Corporation's proposal to eliminate its class of non-voting shares is over. Telus has recently announced an agreement with Mason Capital Management LLP (Mason) which ends further litigation between them relating to the arrangement implementing Telus' new proposal. The British Columbia Supreme Court approved Telus' arrangement providing for the exchange of its non-voting common shares (non-voting shares) into voting common shares (voting shares) on a one-for-one basis (the Arrangement Decision), as Telus management and its board had recommended. The approval came despite the opposition of Mason, a hedge fund manager who had engaged in an arbitrage "play" based on obtaining a premium for the voting common shares on the collapse of the non-voting shares into voting shares.