What was the impact of the distribution on the market price of BCE common shares?
BCE common shares began trading ex-Nortel on the Toronto Stock Exchange on May 3, 2000 and on the New York Stock Exchange on May 9. These were the first days for shareholders to buy BCE common shares without Nortel. BCE expected the market price of BCE common shares to be reduced as soon as ex-Nortel trading began in order to reflect the value of the distribution to BCE common shareholders of a direct interest in new Nortel. On May 3, 2000, BCE common shares began trading at CDN $42.50 on the Toronto Stock Exchange, representing the value of BCE without Nortel. On May 9, BCE share price began trading at US $26.125 on the New York Stock Exchange (excluding Nortel).
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