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Shaw Communications (New York Stock Exchange: SJR) increased 1.1% in hours after trading a report that Canadian Industry Minister François-Philippe Champagne is expected to endorse Rogers (New York Stock Exchange:RCI) Acquisition of Shaw for C$20 billion.
The Canadian minister is expected approve the acquisition before the Canadian markets open on Friday, according to a CTFN report, citing an unnamed adviser to the House of Commons.
The report arrives when Friday is the “external date” or exit date for the parties to exit or extend the transaction after it has been extended multiple times, including February 17. Shaw (SJR) increased 0.9% in regular trading on the Thursday before the deadline. rogers gained 1.8%.
Decision on the deal rests largely in the hands of Champagne, Canada’s Minister of Innovation, Science and Industry, who will grant or deny a license to transfer spectrum from Shaw’s Freedom to Quebecor (OTCPK:QBCRF) Vidéotron. Champagne’s approval is the last real hurdle for the deal, which won appeals court approval in late January.
In late December, the Canadian Competition Tribunal decided not to block the proposed transaction, leaving the fate of the deal to Canada’s Minister of Innovation, Science and Industry.
Rogers (RCI) announced its agreement to acquire Shaw (SJR) in March 2021.
