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Shaw falls as court stay on Rogers merger deal sparks uncertainty

Canada’s Industry Minister François-Philippe Champagne said he would give a separate decision only after there is “clarity on the ongoing legal process.”

Shares of Shaw were trading nearly 2% lower at C$38.4, below Rogers’ offer price of C$40.50 made in March 2021.

“At current levels, we will look for investment opportunities elsewhere within the Canadian telecom sector,” RBC analyst Drew McReynolds said. He downgraded the stock to ‘sector perform’ from ‘outperform’. Reuters

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