Shaw wins control of WIC

Article Abstract:

Shaw Communications Inc. has acquired 850,000 shares out of the 1.6 million non-voting B shares of WIC Western International Communications Ltd. through its C$975-million cash-and-stock offer. Shaw stated that the acquisition of the shares has enabled it to secure a controlling stake in WIC as it has passed the 50% equity level. Shaw now possesses approximately 51.1% of the non-voting shares along with 49.96% of the voting A shares. Despite the acquisition Shaw still faces challenges that include rival CanWest Global Communications Corp., which still has a 44.2% stake in WIC, and the deal still requires the approval of the Canadian Radio-television and Telecommunications Commission.

Comment:

Acquires 850,000 shares out of the 1.6 mil non-voting B shares of WIC Western Intl Communications through its C$975-mil offer

Canada, Television Broadcasting, Cable Networks, Cable TV Networks, Alberta, Television broadcasting industry, Shaw Communications Inc., Cable networks (Television), WIC Western International Communications Ltd.

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Fonorola's poison pill quashed

Article Abstract:

Fonorola Inc., a long distance telephone company based in Montreal, Quebec, has been ordered to nullify its poison pill by Quebec Securities Commission in favor of Call-Net Enterprises Inc. of Toronto, Ontario. Call-Net's hostile takeover bid of C$60 per share has been rejected in accordance to Fonorola's poison pill, which calls for the approval of Fonorola management before considering any acquisition bid. Call-Net has filed the petition to remove the poison pill with the commission for its bid to be considered by the shareholders. The poison pill, however, was believed to limit shareholders' rights by some institutional investors and shareholder rights advocates.

Comment:

Is favored by Quebec Securities Commission w/ order to remove poison pill of Fonorola

Wired Telecommunications Carriers, Long Distance Telephone Svc, Stockholder data, Quebec, Ontario, Long distance telephone services, Call-Net Enterprises Inc., Fonorola Inc.

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