TORONTO-Canadian wireless operator Rogers Wireless Inc. said it received clearance from the Canadian Competition Bureau for its pending $1.3 billion acquisition of rival Microcell Telecommunications Inc. With the approval Rogers noted it has satisfied all regulatory conditions tied to the purchase.
Microcell’s board of directors announced its support for the deal, which followed an unsolicited $800 million takeover attempt by Telus Corp. initiated earlier this year, but which was eventually dropped.
Rogers added that it mailed cash offers for all of the issued and outstanding Class A restricted voting shares, Class B non-voting shares, Warrants 2005 and Warrants 2008 of Microcell Sept. 30, and the current offer is set to expire Nov. 5 unless extended. When completed, the acquisition will propel Rogers past Bell Mobility as Canada’s largest wireless carrier with approximately 5.1 million subscribers.
