Still Looking for buyers

There's still no word from LookCommunications on how many organizations are interested inbuying the Milton, Ont., service provider's assets. Company spokesmanPeter Block said that offers under the court-ordered controlled salehad to be in by Feb. 16 and were frozen. However, after March 9 offerscould be pulled off the table. So the status now is that “discussionsare continuing between the monitor, the company and bidders,” Blocksaid today.

Look is trying to see if it can do privately what itsays it couldn’t do publicly – sell approximately 90 MHz of wirelessspectrum, a network between Toronto and Montreal delivering Internetservice to some 30,000 subscribers and about $300 million in tax losses.

Blockwouldn't say how many bidders there are left, other than to notethat with bidders free to withdraw, the process could have beenfinished. It obviously isn't. “For the monitor (accounting firm andadvisor Grant Thornton Ltd.) and the company to be reviewing bids theremust be something out there,” he said.

On the other hand, he added that there's no guarantee Look will be satisfied with any offer(s).

Thecompany, headed by former Bell Canada Enterprises executivevice-president and chief financial officer Gerald McGoey, is asubsidiary of publicly-traded Unique Broadband Systems Inc. of Milton,Ont., of which McGoey is chairman and CEO.

Any deals have to be approved by Look's board and the Ontario Court of Justice, which approved the sale process.

Would you recommend this article?


Thanks for taking the time to let us know what you think of this article!
We'd love to hear your opinion about this or any other story you read in our publication.

Jim Love, Chief Content Officer, IT World Canada
Howard Solomon
Howard Solomon
Currently a freelance writer, I'm the former editor of and Computing Canada. An IT journalist since 1997, I've written for several of ITWC's sister publications including and Computer Dealer News. Before that I was a staff reporter at the Calgary Herald and the Brampton (Ont.) Daily Times. I can be reached at hsolomon [@]

Featured Download

IT World Canada in your inbox

Our experienced team of journalists and bloggers bring you engaging in-depth interviews, videos and content targeted to IT professionals and line-of-business executives.

Latest Blogs

Senior Contributor Spotlight