Let's see a real example: Blackstone vs Alliance Data.
Blackstone had offered $6.4Bn to buy Alliance Data at the time with a break-up fee of $170M or around 2.6% The buyout didn't occur, due to a third party (Office Of Comptroller who was requesting some money as insurance from Blackstone). What Alliance Data obtained at the end for compensation? $3M, mostly to cover the fees paid to lawyers.
In the case of BCE vs The Teachers and others, since the deal was called off alos by a third party (KPMG) it is likely that the official break-up fee won't be paid, but probably an amount that is close to what BCE paid to their lawyers during the saga: Few millions at best.
It"ll work out to be a lot more than "A Few million" if anything transpired that happend to be illegal between any of the parties involved kick-in a lack of tranparency concerning BCE shareholders. In my opinion all parties here are playing with fire,might be in everyones best interest to date extension and try to renegotiate the CURRENT deal
"if anything transpired that happend to be illegal" I doubt that the parties involved were dumb enough to write on paper anything that proves some collusion to kill the deal.
Few years ago there was a big buyout of the Texas Utilities and something similar to BCE happened : "The banks backing Kohlberg Kravis Roberts and TPG Capital’s buyout of US power utility TXU Corporation are reportedly looking to withdraw from financing the acquisition and could pay a $1bn (€730m) break-up fee to avoid being lumped with almost $37bn worth of debt on their balance sheet."
The deal went through for a total amount of $45Bn including all debt. But the difference was that there was not a credit crunch like nowadays for banks.
But the similarity of both deals is interesting as for the debt load.