- Shaw (SJR.B) shareholders have overwhelmingly approved the plan of arrangement for the proposed business combination with Rogers (RCI.B)
- Completion of the arrangement required the approval of at least two-thirds of Class A and Class B shareholders
- Rogers has exercised its right to require Shaw to redeem all of Shaw’s issued and outstanding preferred shares on June 30, 2021 in accordance with their terms
- In total, 99.8 per cent of votes cast were in favour of the arrangement and Rogers exercises right to require Shaw to redeem its preferred shares
- Shaw Communications Inc. (SJR.B) is up 1.09 per cent and is trading at C$36.03 at close
Shaw Communications (SJR.B) shareholders have voted overwhelmingly in favour of the proposed business combination with Rogers Communications Inc.
“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.
“Shaw’s shareholders overwhelmingly supported the transaction and the high voter turnout, which exceeded 70 per cent, represents a strong endorsement for the combination,” added Shaw.
“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,” concluded Shaw.
The completion of the arrangement required the approval of at least two-thirds of the votes cast by the holders of the Class A shares and Class B shares. As of the record date for the meeting, there was a total of 22,372,064 Class A Shares and 476,285,262 Class B shares outstanding.
Shaw will be seeking a final order from the Alberta Court of Queen’s Bench on May 25, 2021 to approve the arrangement.
The transaction remains subject to other customary closing conditions, including approvals from Canadian regulators.
Shaw and Rogers 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.
Subject to receipt of all required approvals and satisfaction of all closing conditions, the arrangement is expected to be completed in the first half of 2022.
Pursuant to the terms of the arrangement agreement entered into by Shaw and Rogers on March 13, 2021, Rogers has exercised its right to require Shaw to redeem all of Shaw’s issued and outstanding preferred shares on June 30, 2021 in accordance with their terms.
Shaw expects to provide notice of its intention to redeem the preferred shares to the registered holders thereof on May 28, 2021.
Shaw Communications Inc. is a leading Canadian connectivity company.
Shaw Communications Inc. (SJR.B) is up 1.09 per cent and is trading at C$36.03 at close.