Shaw Shares Are Selling Well Below Deal Price Amid Rogers Drama
(Bloomberg) -- Shaw Communications Inc. shares have fallen the furthest below their takeover price since July, signaling that Rogers Communications Inc.’s boardroom drama may be shaking investors’ confidence that the deal will be completed.
Shaw shares were falling for a ninth consecutive day on Friday, trading at C$35.61 at 9:46 a.m. in Toronto. That’s C$4.89 below the C$40.50 per share in cash that Rogers offered for Shaw in March.
On Thursday, the Rogers board removed Edward Rogers as chairman after he tried to oust the chief executive officer and replace him with the chief financial officer. Edward Rogers vowed to win back control and remove the five directors who pushed him out.
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