ROW Short Takes
News | September 22, 2004
Rogers Wireless to acquire Microcell Telecommunications
Rogers Wireless Inc. and Microcell Telecommunications Inc. announced an agreement on September 20 that will see Rogers Wireless acquire Microcell in an all-cash deal worth $1.4 billion (see editorial on page 8 for Report on Wireless’ commentary on the deal). Rogers Wireless all but signaled its intent to make a bid for Microcell when it filed papers with the Competition Bureau seeking an advanced ruling on whether its acquisition of Microcell would cause any anti-competitive harm. But a bid for Microcell was really cleared when Rogers Communications repatriated the 34% interest previously held by AT&T Wireless. The bid trumps an earlier TELUS Corp. $1.1-billion deal, which was first launched in May and has since been extended a number of times. The company extended the offer of $29 per share on September 20 until October 12.
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