RE: rogers and cy a great dealTORONTO, May 11, 2005 /PRNewswire-FirstCall via COMTEX/ --
Rogers Communications Inc. ("RCI" or "Rogers") and Call-Net Enterprises Inc. ("Call-Net") today jointly announced that they have entered into a definitive agreement under which RCI will acquire 100% of Call-Net in a share for share transaction under a plan of arrangement.
Under the terms of the agreement, Call-Net Common and Class B shareholders will receive a fixed exchange ratio of one RCI Class B Non-voting share for each 4.25 outstanding shares of Call-Net, representing a fully diluted equity value of approximately $330 million. In total, it is expected that upon closing of the transaction approximately 9.0 million RCI Class B Non-voting shares will be issued representing approximately 3.2% of the pro forma shares outstanding. Based upon the May 10, 2005 closing price of the RCI Class B Non-voting shares, the transaction values Call-Net at approximately $8.71 per share. At March 31, 2005, Call-Net had senior secured notes due 2008 of $269.8 million outstanding and cash and short-term investments of $79.6 million.
https://www.stockhouse.ca/news/news.asp?newsid=2763867&tick=RCI.MV.A
I feel uneasy about this ... hope to hear Quark opinion soon .
Bridge