MEDIA RELEASE
ROGERS AND SHAW EXTEND OUTSIDE DATE OF
PROPOSED MERGER
Rogers, Shaw and Shaw Family Living Trust remain committed to the merger, and continue to pursue the divestiture of Freedom Mobile to Quebecor on the terms previously disclosed
TORONTO AND CALGARY, July 27, 2022 – Rogers Communications Inc. (“Rogers”), Shaw Communications Inc. (“Shaw”) and the Shaw Family Living Trust have agreed to extend the outside date of the proposed merger of Rogers and Shaw (the “Transaction”) to December 31, 2022 (which outside date may be further extended to January 31, 2023 at the option of Rogers or Shaw, provided Rogers has committed financing available to complete the merger), demonstrating their commitment to completing this transformative combination.
Rogers and Shaw continue to pursue the divestiture of Freedom Mobile to Quebecor on the terms set out in the previously disclosed agreement. Negotiation of the definitive transaction documents are progressing, and the parties will provide an update in due course.
The Transaction has already been approved by the shareholders of Shaw and the Court of Queen’s Bench of Alberta, and the Canadian Radio-television and Telecommunications Commission, and remains subject to review by the Competition Tribunal and Competition Bureau and approval by the Minister of Innovation, Science and Industry and other customary closing conditions.
Caution Regarding Forward Looking Statements
This news release may include “forward-looking statements” within the meaning of applicable securities laws, including statements about the previously disclosed agreement among Rogers, Shaw and Quebecor for the divestiture of Freedom Mobile to Quebecor and the status of the negotiations of the definitive transaction documents. We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the current objectives, strategies and intentions of Rogers and Shaw to change. Such risks, uncertainties and other factors include, among others, the failure of Rogers and Shaw to enter into definitive transaction documents with Quebecor in the expected timeframe or at all. Accordingly, we warn investors to exercise caution when considering statements