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InvestmentsCanadian court backs Edward Rogers' petition to validate new Rogers Communications board...

Canadian court backs Edward Rogers’ petition to validate new Rogers Communications board By Reuters

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© Reuters. FILE PHOTO: General view of the Rogers Building, quarters of Rogers Communications in Toronto, Ontario, Canada October 22, 2021. REUTERS/Carlos Osorio/File Photo

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By David Ljunggren and Ismail Shakil

(Reuters) – A Canadian court on Friday backed a petition by former Rogers (NYSE:) Communications Inc chairman Edward Rogers to validate a new board constituted by him, in a ruling that might lead to a significant administration shakeup within the nation’s largest wi-fi service.

British Columbia Supreme Court Justice Shelley Fitzpatrick introduced the choice however didn’t instantly give her causes.

A uncommon public battle within the Canadian company world was sparked over the query of who ought to lead the corporate and has weighed on the inventory. Some analysts have raised doubts in regards to the destiny of Rogers’ C$20 billion ($16.1 billion) bid for rival Shaw Communications (NYSE:).

Rogers inventory is down 0.5% thus far this 12 months, in contrast with a 16.2% acquire in rival BCE (NYSE:) Inc and a 14.8% rise in Telus (NYSE:) Corp in the identical interval.

On Monday, either side offered their circumstances, with legal professionals for former chairman Edward Rogers arguing that he had the authority to appoint a new board with out an in-person shareholder assembly. The firm legal professionals countered, saying that due processes weren’t adopted whereas naming a rival board.

($1 = 1.2461 Canadian {dollars})

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