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Shaw Communications (NYSE:SJR) rose almost 1% ahead of a Friday deadline for the parties to walk from Rogers (NYSE:RCI) planned C$20 billion takeover as the parties await Canadian regulator approval. Rogers gained 1.6%.
The parties in February extended the “outside date” for the transaction to Friday from February 17 after it was earlier extended from Jan. 31.
A decision on the deal largely rests in the hands of François-Philippe Champagne, Canada’s Minister of Innovation, Science and Industry, who is set to grant or deny a license to transfer Shaw’s Freedom spectrum to Quebecor’s (OTCPK:QBCRF) Vidéotron and said in January will be making a “decision in due course.”
Champagne’s approval of transferring wireless licenses from Shaw to Quebecor – allowing for the sale of Shaw’s Freedom Mobile to Quebecor subsidiary Vidéotron – is the last real hurdle for the deal, which in late January won appeals court approval. The Shaw (SJR) stock move on Thursday was the biggest increase since the Jan 24. appeals court win.
