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Business  

Rogers Buys Fido

Rogers Wireless is buying Microcell Telecommunications, the operator of the popular Fido cellphone network. It's a friendly takeover worth $1.4 billion.

Rogers Wireless will pay $35 per share and offer to purchase Microcell's 2005 warrants for $15.79 and 2008 warrants for $15.01. Microcell's directors are recommending shareholders accept the deal. The deal is expected to close at the end of the year and is subject to regulatory approvals.

Microcell's Class B shares went up almost 6% in early trading on the news.

Canada's second largest phone company, Telus, had previously attempted a $1.1-billion takeover bid for Microcell.

Roger's says that the Fido brand will continue in the marketplace.



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