Suppose that KPMG's final opinion is the same as it's preliminary opinion and the deal fails tomorrow.
What's to stop OT and its partners from tendering in the open market for 50% of BCE at say $25Cn or $20US?
Total cost of $10B Cn or $8B US is roughly equal to the equity the buyers would have contributed originally. Yes, they only get 50% of BCE vs 100%, but BCE would have no additional debt, and be a safer investment (lower ROE but less risk).
OT and partners would have clear control of BCE and could implement their restructuring plan. The banks would go away happy (maybe the banks would kick something into the pot?), and the shareholders would get a shot at a higher price than we are seeing today.
I wish Icahn would show up and clean up this mess. Look at his track record over the long run - very positive. He would definitely teach the Canadian bumpkins a thing or two about shareholder rights and send the hicks running for cover.