TORONTO-Rogers Wireless Communications Inc. said its independent committee of directors has called the plan to take Rogers Wireless private “fair and reasonable” to minority shareholders of the Canadian wireless carrier following its review. Parent company Rogers Communications Inc. has proposed to buy all the Rogers Wireless public shares.
The committee received the final valuation report of BMO Nesbitt Burns Inc., which found the fair market value of the Rogers Wireless shares is in the range of $46 to $54 per share. This valuation range is the same as the preliminary valuation range publicly disclosed Nov. 11.
On Friday, Rogers Wireless Communications Inc. priced a private placement for notes valued at about $2.4 billion. Rogers Wireless expects to use the proceeds to return capital to its parent companies and repay advances under its amended bank credit facility.<
