Shaw Shareholders Vote in Favour of Rogers Merger
At the special meeting of Shaw’s shareholders on Thursday, May 20, 2021, the company’s Class A and Class B shareholders voted overwhelmingly in favour of the company merging with Rogers Communications.
Shaw noted in total, 99.8% of the votes cast were in favour of the arrangement.
“Today marks an important milestone in the journey to combine Shaw and Rogers, creating a truly national network provider with far-reaching and multigenerational benefits for all Canadians,” said Brad Shaw, Executive Chair & CEO, in a press release.
“Shaw’s shareholders overwhelmingly supported the transaction and the high voter turnout, which exceeded 70%, represents a strong endorsement for the combination,” added Shaw.
Mr. Shaw explained, “We have taken an extraordinary and historic step towards a future with unlimited potential where connectivity and leading 5G technology will enable so much more than we can even imagine today.”
Canadian regulators still need to approve the Rogers-Shaw deal. Both companies note they “intend to work cooperatively and constructively with the Competition Bureau, Innovation, Science and Economic Development Canada and the Canadian Radio-television and Telecommunications Commission in order to secure the requisite approvals.”
The deal first announced in March and had since seen opposition from consumer groups, that argue the merger will increase prices and reduce competition.
Back in April, it was revealed there was a bidding war for Shaw, with Bell losing out to Rogers in the process.
Rogers and Shaw note the deal is subject to approvals, and is expected to close in the first half of 2022.