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Hedge funds to profit from Rogers-Shaw deal – finally

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Citadel and Millennium Management are among a group of 12 hedge funds that are set to make a profit of more than CAD216 million ($162m) as one of Canada’s most bitterly-contested acquisitions nears completion, according to a report by Reuters.

Citadel and Millennium Management are among a group of 12 hedge funds that are set to make a profit of more than CAD216 million ($162m) as one of Canada’s most bitterly-contested acquisitions nears completion, according to a report by Reuters.

Canada’s competition bureau recently dropped pans to block Roger Communications’s CAD20 billion bid for Shaw Communications, and while the final decision still lies with the Canadian government, the report says most analysts and competition lawyers now expect the deal to close by the 31 January deadline.

The competition bureau battled hard over the past two years to prevent the deal from progressing, including taking its case to Canada’s antitrust tribunal and a Federal Court of Appeal.

According to Reuters calculations based on data from Refinitiv Eikon though, hedge funds stand to make big gains with shares in Shaw having risen 18% since the deal was first announced in March 2021.

According to Refinitiv Eikon data, a group of 12 hedge funds including Canyon Capital Advisors, Pentwater Capital Management and Britain’s Sand Grove Capital Management, collectively own 33.6 million, or 7.05%, of Shaw’s shares.

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