Shares of Shaw Communications Inc (SJR) were on an upward trajectory in pre-market trading on Friday after Canadian Minister of Innovation, Science and Industry, Francois-Philippe Champagne approved Rogers Communications’ (RCI) takeover bid of C$20 billion ($15 billion) for SJR. This merger is expected to create Canada’s #2 telecommunications company.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
A Globe and Mail report stated that Champagne could also approve the transfer of Shaw’s wireless licenses held by its Freedom Mobile unit to Quebecor.
RCI and Shaw Communications had agreed to the sale of the Freedom Mobile unit to Quebecor for C$2.85 billion to secure government approval for the merger.
SJR stock has gained 3.14% in the past three months.
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue