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TORONTO Rogers Communications Inc’s efforts to secure its C$20 billion ($16 billion) acquisition of Shaw Communications Inc could be insufficient to overcome regulatory hurdles and political opposition amid concerns Canadians face some of the world’s highest phone bills.
Rogers agreed on Monday to buy Shaw in a deal that would create Canada’s second-largest cellular and cable operator, but the Canadian government was quick to say it would attract stiff regulatory scrutiny.
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Rogers sweeteners for US$16 billion Shaw takeover may test Canadian regulatory, political patience
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Rogers sweeteners for $20-billion Shaw takeover may test regulatory, political patience
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Rogers seeks to buy Shaw for $20 4-billion in deal that would transform Canadian telecom market
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Shaw Communications Inc. Class B shares traded well below the $40.50-per-share takeover offer made by Rogers Communications Inc. on Monday, in a sign that investors are concerned regulatory scrutiny could get in the way of the deal.
Shaw Class B non-voting shares closed at $33.85 in Toronto – up 41.6 per cent for the day, but $6.65 short of the offer price. However, Shaw Class A voting shares, largely owned by the Shaw family, who have agreed to the deal, traded closer to the takeover price and closed at $38.26, while Rogers Class B shares rose 3.4 per cent to $61.57.