/me starts breathing again

Wow, there's a surprise...

I'd have to look at who the board is made up versus who owns the shares. If
the board represents majority shareholders (eg: the banks), and all board
members voted to reject Telus' offer, then perhaps this has true meaning. But
if the bank board members abstained or voted to accept Telus' offer, then the
banks might still tender in their shares.

The vast majority of shareholders (in numbers) represent squat (less than 1%)
of voting power and total share value. The few investors/banks who rescued
Microcell from bankrupcy are the ones who own the lion's share of equity.

Also, it isn't uncommon for a board to reject an initial offer and then force
Telus to raise its bid and sweeten the deal. It doesn't mean that the board
will always reject Telus' bid.

What scares me is that during the bankrupcy restructuring, the banks did
indicate that their long term goal was to sell their shares in Microcell to
get their cash back. The banks might be very tempted to get out of microcell
at the very first opportunity, as long as the amount of cash they are getting
would represent a return on investment.

Yeah, but I  heard that Gordon Gecko is now buying up huge amounts of shares
in the company.

A life without humor is not a life at all.