Even by ceding to the demand from the buyers for more control now, the company ends up in a potentially awkward situation of being run according to the wishes of the private-equity firms while still a public company for months to come, investors said.

"That will be an interesting corporate governance issue to deal with," said Rob Callander, a portfolio manager at Caldwell Asset Management, which sold most of its BCE shares earlier in the takeover drama. "I wouldn't think the existing board would want to be in a position to approve really dramatic events until the transaction is consummated.

Extensive layoffs to middle mgt.