Shaw Communications Inc. announced on August 31, 2000 that it, and its wholly owned subsidiary 605634 BC Ltd., have taken up and paid for the shares in Canadian Satellite Communications Inc. (Cancom) that had been deposited under its August 9, 2000 takeover bid, giving them ownership of approximately 94.5 per cent of the outstanding Cancom equity. The offer was set at 0.9 of a class B non-voting participating share in Shaw plus a nominal amount of cash consideration for each Cancom share. The aggregate value of the transaction is $666 million.
Representing the independent committee of the board of directors of Cancom is McCarthy Tétrault’s Graham P.C. Gow, Jasprit Gill and Vito Ciraco. In-house counsel at Cancom is Scott Gibson; and Margot Micallef and David Taniguchi at Shaw. Shaw was represented by J-P Bisnaire and Tim Moran at Davies, Ward & Beck LLP. Donahue Ernst & Young LLP represented Cancom with John Houghton, Richard Peters, Doug Black, Alan Jochelson and Rich McHardy comprising the team.