November 29, 2023

The Queens County Citizen

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The BCE refused when Shah tried to buy him

The BCE refused when Shah tried to buy him

In a circle about a series of purchase offers submitted by Shah a Part a Released Friday.

BCE spokesman Nathan Gibson confirmed to The Canadian Press that Company is a party. He said the BCE had finally decided that the Shah acquisition was not in the best interests of the shareholders.

According to the circular, BCE, which already owns Bell Canada, initially offered Shake share 37, exceeding Rogers’ initial offer of $ 35.

Rogers raised its bid to 50 5.50 per share, before BCE finally settled its own bid per share before matching with Rogers. Prompted the change to 39.25.

The circular stated that Shah had approached the BCE to amend the proposal to address unspecified regulatory issues, but the BCE refused and eventually withdrew from the process.

Chetan Laxman, Shah’s vice president of external affairs, said in an email to The Canadian Press that the company had no comment on the matter.

26 billion deal

In March, Rogers and Shaw announced a deal worth $ 26 billion, including debt. In the deal, Rogers invested $ 2.5 billion over 5 years in 5G networks in western Canada.

If the deal gets regulatory approval, the new company will become the second largest telecommunications company in the country behind BCE.

Shaw and Rogers were not in direct competition, as the former were mainly to the west of the country, and the latter to the east.

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