The Shaw Communications headquarters is seen in Calgary, Thursday, Jan. 11, 2018. THE CANADIAN PRESS/Jeff McIntosh

BCE bid on Shaw but wouldn’t amend proposal to address regulatory issues: circular

TORONTO — BCE Inc. made a bid to buy Shaw Communications Inc. earlier this year, but lost to Rogers Communications Inc. when it was unwilling to amend its proposal to address regulatory issues.

The revelation was buried in a management information circular published Friday, which described a series of offers made to Shaw from “Party A.”

BCE spokesman Nathan Gibson confirmed to The Canadian Press that his company was Party A and says it ultimately determined the opportunity to buy Shaw wasn’t in the best interests of its stakeholders.

The circular says BCE, which owns Bell Canada, initially offered Shaw $37 per share, exceeding Rogers’s first bid of $35 per share.

Rogers then raised its offer by $5.50 a share, prompting BCE to amend its own bid to 39.25 per share before ultimately matching Rogers’s.

The circular says Shaw approached BCE about amending its proposal to address unspecified regulatory issues, but BCE refused and eventually withdrew from the process.

When asked what regulatory issues needed to be addressed, Shaw vice-president of external affairs Chethan Lakshman said in an email to The Canadian Press that the company had no comment.

In March, Rogers and Shaw announced that they reached a deal valued at $26 billion including debt and involving a $2.5 billion, five-year investment from Rogers in 5G networks across Western Canada.

If the deal secures regulatory approval, the merged companies will become the second-biggest telecom in the country.

BCE is Canada’s largest telecommunications company, with its main phone networks in central Canada and a national wireless service that competes across the country.

Shaw and BCE’s offerings overlap in Manitoba, where Shaw has internet and cable services and Bell acquired Manitoba Telecom Services Inc.

There’s little overlap between the Shaw and Rogers cable and internet businesses, which are in Western and Eastern Canada respectively.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

If you're heading out to the West Country have a plan in case things go wrong, says Clearwater Regional Fire Rescue Services fire chief Steve Debienne.
(Photo from CRFRS Facebook)
West Country visitors should have an emergency plan: regional fire chief

Cellphones can’t be relied on in many back country areas

Rode
Sarcevic leads an impressive list of additions to RDC Kings soccer

In 2019 the RDC Kings soccer program took a major step forward… Continue reading

The Red Deer PCN Women's Fun Run will take on a different look this weekend with rising COVID-19 numbers.
Women’s Fun Run goes ahead this weekend in Red Deer

With new public health measures in place because of rising COVID-19 case… Continue reading

Alberta’s chief medical officer of health Dr. Deena Hinshaw asked Albertans to limit travel throughout the province as COVID-19 cases continue to rise. (Photo by Chris Schwarz/Government of Alberta)
Red Deer nears 900 active COVID-19 cases

Province reports additional 2,211 COVID-19 cases

David Eggen, the NDP’s advanced education critic, said the UCP government has been focused on cutting funding to post-secondary institutions across Alberta. (Contributed photo)
NDP worry new status for Red Deer College doesn’t mean more funding

This week the province announced that RDC will become a polytechnic institute

Alberta Health Services locked the Whistle Stop Cafe in Mirror on Wednesday morning after owner Christopher Scott refused to comply with health orders. (Photo by Paul Cowley/Advocate staff)
UPDATED: AHS shuts down Whistle Stop Cafe for defying health orders

Justice minister promises to get tough with those ignoring public health orders

Wizards beat Raptors in OT, Toronto playoff bid nearly over

Wizards beat Raptors in OT, Toronto playoff bid nearly over

Toronto Blue Jays' Teoscar Hernandez (37) hits a single to drive in two runs against the Oakland Athletics during the sixth inning of a baseball game in Oakland, Calif., on Thursday, May 6, 2021. (AP Photo/Tony Avelar)
Grichuk drives in 5, Jays beat A’s 10-4 for series split

Grichuk drives in 5, Jays beat A’s 10-4 for series split

Canada's Sports Hall of Fame 2019 inductee Jayna Hefford speaks in Toronto on Wednesday, October 23, 2019. THE CANADIAN PRESS/Frank Gunn
Three Canadian teams to play in women’s hockey Dream Gap Tour in Calgary

Three Canadian teams to play in women’s hockey Dream Gap Tour in Calgary

Rugby Canada says some members of women’s sevens team have tested positive for COVID

Rugby Canada says some members of women’s sevens team have tested positive for COVID

Team Canada skip Kerri Einarson, centre, makes a shot as lead Briane Meilleur, left, and second Shannon Birchard sweep against Denmark at the Women's World Curling Championship in Calgary, Alta., Thursday, May 6, 2021.THE CANADIAN PRESS/Jeff McIntosh
Einarson’s five-game win streak ends with loss to Japan at world curling playdowns

Einarson’s five-game win streak ends with loss to Japan at world curling playdowns

FILE - In this Feb. 24, 2020, photo, the Olympics rings are reflected on the window of a hotel restaurant as a server with a mask sets up a table, in the Odaiba section of Tokyo. The vaccine rollout in Japan has been very slow with less than 1% vaccinated. This of course is spilling over to concerns about the postponed Tokyo Olympics that open in just over three months.(AP Photo/Jae C. Hong, File)
Canadian athletes, coaches applaud news of vaccine doses ahead of Tokyo

Canadian athletes, coaches applaud news of vaccine doses ahead of Tokyo

Minister of Employment, Workforce Development and Disability Inclusion Carla Qualtrough holds a press conference on Parliament Hill in Ottawa on Thursday, Sept. 24, 2020. THE CANADIAN PRESS/Sean Kilpatrick
Liberals pressed to ease access to EI parental leave to help unemployed moms

Liberals pressed to ease access to EI parental leave to help unemployed moms

Katie Telford, Chief of Staff to the Prime Minister, appears as a witness via videoconference during a House of Commons finance committee in Ottawa, Thursday, July 30, 2020. The Canadian Press has learned that Katie Telford has written members of the defence committee inquiry into allegations of sexual misconduct against Canada's former top military commander, offering to testify at their meeting Friday. THE CANADIAN PRESS/Sean Kilpatrick
PM’s chief of staff offers to testify on Vance sexual misconduct allegations

PM’s chief of staff offers to testify on Vance sexual misconduct allegations

Most Read