Rogers Communications Inc., Shaw Communications Inc. and the Shaw Family Living Trust announced that the parties have agreed to extend the outside date of the proposed merger of Rogers and Shaw to December 31, 2022.
A press release notes that the outside date for the merger may be further extended to January 31, 2023 at the option of Rogers or Shaw, provided Rogers has committed financing available to complete the merger.
In demonstrating their commitment to completing the merger, Rogers and Shaw said they continue to pursue the divestiture of Freedom Mobile to Quebecor on the terms set out in the previously disclosed agreement.
The transaction has already been approved by the shareholders of Shaw and the Court of Queen’s Bench of Alberta, and the Canadian Radio-television and Telecommunications Commission, but remains subject to review by the country's Competition Tribunal and Competition Bureau and approval by Canada's Minister of Innovation, Science and Industry and other customary closing conditions.
As stated by the press release, "Negotiation of the definitive transaction documents are progressing, and the parties will provide an update in due course."
