Prospects for Rogers $20-billion bid for Shaw Communications brightened after the competition bureau this week dropped plans to block the deal
. While the Canadian government still has the final say, most analysts and competition lawyers expect the deal to clear the last hurdle and close by the Jan. 31 deadline.
Publicly available data does not show exactly when the funds moved into the stock – some may have held the stock long before the transaction was announced and stuck with it, granting them an even bigger payday. Billionaire Israel Englander’s Millennium, the hedge fund with the largest position in Shaw, would have made a $44-million profit from its 7.59 million shares if it had held the number of shares it currently holds for the full two years, according to Reuters calculations.
Investor confidence in Canada’s rule of law means local deals are attractive to many merger arbitrage funds and large multi-strategy funds, said Jim Neumann, chief investment officer of alternatives advisory firm Sussex Partners.
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