A Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's C$20 billion ($14.9 billion) bid for Shaw Communications Inc as the court hearing kicked off on Tuesday.
in Quebecor. Shaw and Rogers intend to finalize the deal by Jan. 31, though the deadline can be extended in agreement with Quebecor.
"I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. "I think it's a bad appeal. For that reason, I think the Court of Appeal will make sure to do it in time for the parties to close."It is not known whether Tuesday's hearing will result in a same-day verdict.
"It's possible that the FCA could hear the arguments and render its decision without even listening to the companies or the hearing could run its course on Jan. 24 with a decision from the bench at its conclusion," National Bank of Canada analysts said in a note last week. They noted that the bureau could also appeal to the Supreme Court and would have 60 days to do so, but Osborne said whether they can progress with the appeal depends on the outcome of the hearing.
"If the Federal Court of Appeal dismisses this thing from the bench on the day of the appeal, the likelihood of them getting leave to the Supreme Court is not good," Osborne said.
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