March 15, 2021 | Telecom | North America | Ended
On 15-Mar-21, Canadian telecoms giant Rogers announced a definitive agreement to acquire rival Shaw in an all-cash deal worth CAD 26bn, including CAD 6bn of debt. The offer price represents a 69.5% premium to Shaw’s Class B closing price on the previous trading day. Rogers will acquire all of Shaw’s Class A and Class B shares, and the Shaw family trust, which owns 79% of the super-voting and less liquid Class A shares as well as 7% of Class B shares, will receive Rogers Class B shares in exchange for 60% of their stake ... Deal risks assessed in this research report: • Risks of extensive vertical antitrust scrutiny • 4-to-3 merger, with top 3 controlling 89.2% of the Canadian wireless market
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