The Shakespearean family feud is one of the most closely\u002Dwatched corporate law cases in Canada in recent memory. Here’s why and what’s at stake
Rogers Communications is Canada’s largest wireless company with more than 11 million customers. It also has extensive holdings in cable and internet service, TV broadcasting, radio and sports, including the Toronto Blue Jays, the country’s only Major League Baseball team.
He filed a petition with the B.C. court to affirm that, as trust chair, he can do it with the stroke of a pen via written shareholder resolution. That’s when Edward Rogers pulled the trigger on his plan to change the board and reinstate himself as chairman. So now there are two groups claiming to represent the board, two men claiming to be chairman, and an interim CFO at Rogers, just as it tries to close a $16 billion takeover of rival Shaw Communications Inc.It’s a question of growth, as reflected in the stock price, which has trailed rivals BCE Inc. and Telus Corp. by a wide margin, losing almost 14% in the past three years.
The Shaw purchase, which has yet to receive regulatory approval, marked the return of the aggressive approach to dealmaking that Ted Rogers was famous for. Just months earlier, the company was forced to give up a hostile bid for a smaller target, Quebec-based Cogeco Inc., after the controlling Audet family rebuffed it.Article contentIf the B.C. court rules in Edward Rogers’s favor, it means he’ll get the board changes he wants quickly — and Natale could be out the door soon after.
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