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Deadline To Close Rogers-Shaw Deal Extended To Feb. 17

The deadline for Rogers Communications (RCI) to complete its acquisition of rival Shaw Communications (SJR) has been extended to February 17.

The two companies agreed to extend the deadline as they await regulatory approval of the $26 billion transaction. Rogers has offered to pay $40.50 for each share of Shaw Communications.

If approved, the deal will see Rogers buy Shaw, while Quebecor's (QBR) Videotron subsidiary will purchase Shaw's discount Freedom Mobile wireless unit.

The agreement is still awaiting approval from the federal Industry Minister in Ottawa, who must sign off on the transfer of wireless spectrum licenses from Shaw to Videotron.

The companies say they are continuing to work with government officials to secure the final approval needed to complete the deal.

The transaction, which is one of the largest in Canadian history, cleared a key regulatory threshold last week after a Federal Court of Appeal dismissed a Competition Bureau request to overturn approval of the agreement by a Competition Tribunal.

Rogers’ stock is flat over the last year at $64.50 per share. Shaw’s stock has risen 4% in the past 12 months and is currently trading at $39.49 a share.