The Daily Chase: TSX gains ground; Freedom Mobile deal firmed up
BNN Bloomberg
The S&P/TSX Composite Index is on a roll. Yesterday’s gains put it within nine points of closing at or above 20,000 for the first time since early June (to borrow from Amber Kanwar: attention round-number enthusiasts).
FREEDOM MOBILE SALE PACT FIRMED UP
It took a little longer than originally anticipated, but Rogers, Shaw, and Quebecor this morning finally confirmed a definitive agreement for the Montreal-based telco to acquire Freedom Mobile — so long as Rogers and Shaw clear the two remaining regulatory hurdles that are in the way of their $20-billion takeover arrangement. There isn’t any major new information in this morning’s announcement. All we know is that the firmed-up pact allows for Quebecor to buy Freedom under terms that are “substantially consistent” with the original $2.85-billion deal announcement in June. We’ll see if this inspires a bit more confidence for Shaw investors; its Class B shares are languishing way below the $40.50 takeover offer from Rogers as competition commissioner Matthew Boswell digs in his heels in opposing the deal and last month’s network outage has given Canada’s industry minister more to consider before deciding on the deal’s fate.
U.S. MARKET WATCH
