Rogers Communications Inc. says its lenders have agreed to give the company more time to close the planned acquisition of Shaw Communications Inc., in return for up to $775-million in extra fees on financing for a $26-billion takeover that’s been delayed by regulatory opposition.
In return for the extension, Rogers will pay bondholders an initial consent fee of $520-million. The company may also be on the hook for an additional $255-million in fees, depending on when the Shaw takeover closes. If the deal is called off, Rogers will buy back the bonds.
This should NOT be allowed to happen. Our regulators are scum.