01/25/2013 09:29 EST | Updated 03/27/2013 05:12 EDT

Telus says non-voting stocks will be converted to common shares on Feb. 4

VANCOUVER - Telus Corp. (TSX:T) says it's going ahead with a plan to consolidate its shares into a single class as Mason Capital has dropped its court challenge of the plan.

Mason had said it would appeal a court decision allowing the plan, but Telus says the two sides have now agreed to drop their legal fight.

Telus has set Feb. 4 as the date when non-voting shareholders (TSX:T.A) will exchange their stock for common shares on a one-for-one basis.

Mason had argued the voting shares should have been given a higher value than non-voting shares.

At one time, the New York-based hedge fund was the largest shareholder in Telus, but has since reduced its stake.