AT&T Wireless Rejects $1.1B Rogers Bid

[Mike Temporale]

http://quote.bloomberg.com/apps/news?pid=10000082&sid=aKRTR8BzjfAI&refer=canada

"Rogers Communications Inc. said AT&T Wireless Services Inc. rejected its C$1.51 billion ($1.1 billion) offer for a 34 percent stake in Rogers Wireless Communications Inc. Rogers, Canada's largest cable-television operator, bid C$31 a share, an 13 percent discount to the closing price of C$35.75 yesterday, the Toronto-based company said in a statement. Rogers, which controls Rogers Wireless with a 56 percent holding, had the right of first negotiation for the shares. Now AT&T Wireless is free to seek a higher offer."

It looks like the Canadian wireless industry is in for a shake-up this year. Granted, whoever buys up the AT&T share of Rogers isn't getting a whole lot of Rogers Wireless. Regardless, we now have Telus going after Fido, and someone is going to grab a little of Rogers Wireless.

[Mike Temporale]

http://quote.bloomberg.com/apps/news?pid=10000082&sid=aKRTR8BzjfAI&refer=canada

"Rogers Communications Inc. said AT&T Wireless Services Inc. rejected its C$1.51 billion ($1.1 billion) offer for a 34 percent stake in Rogers Wireless Communications Inc. Rogers, Canada's largest cable-television operator, bid C$31 a share, an 13 percent discount to the closing price of C$35.75 yesterday, the Toronto-based company said in a statement. Rogers, which controls Rogers Wireless with a 56 percent holding, had the right of first negotiation for the shares. Now AT&T Wireless is free to seek a higher offer."

It looks like the Canadian wireless industry is in for a shake-up this year. Granted, whoever buys up the AT&T share of Rogers isn't getting a whole lot of Rogers Wireless. Regardless, we now have Telus going after Fido, and someone is going to grab a little of Rogers Wireless.