2023年1月27日

在2022年7月8日拍摄的这张插图中，以太网电缆位于罗杰斯和肖通信公司的标志前面。随着加拿大最激烈的收购接近终点线，包括Citadel和Millennium Management在内的十几家对冲基金都松了一口气，在经历了近两年的过山车行情后，账面利润超过2.16亿加元(1.62亿美元)。加拿大竞争局本周放弃阻止Rogers Communications以200亿加元收购Shaw Communications的计划后，该交易的前景变得光明。虽然加拿大政府仍拥有最终决定权，但多数分析师和反垄断律师预计，这笔交易将扫清最后一道障碍，并在1月31日的最后期限前完成。罗杰斯的收购从一开始就面临反垄断风险，因为该国前三大电信运营商占据了80%的市场份额。尽管如此，对冲基金还是涌入邵逸夫，押注交易将继续进行。押注于并购交易的对冲基金，目的是通过购买被收购公司的股票来赚钱，并希望这些股票会向收购报价上涨。公开数据并没有显示这些资金是何时进入这只股票的——有些人可能早在交易宣布之前就持有了这只股票，并一直持有，这让他们获得了更大的回报。过去两年的发展历程对胆小者来说并非一帆风顺，加拿大竞争局竭力阻止这笔交易通过，将案件提交给了加拿大反垄断法庭和联邦上诉法院(Federal Court of Appeal)。但现在，根据路透社使用Refinitiv Eikon数据进行的计算，从2021年3月15日(交易宣布之日)到周二(竞争局放弃阻止合并的企图)，这12家对冲基金公司在近两年的时间里总共赚了数亿美元。 The shares have risen 18% since the deal was first announced. Billionaire Israel Englander's Millennium, the hedge fund with the largest position in Shaw, would have made a C$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. A spokesperson for Millennium declined to comment. Kenneth Griffin's Citadel and 10 other hedge funds, including Canyon Capital Advisors, Pentwater Capital Management and Britain's Sand Grove Capital Management, were among the firms that bet on the deal succeeding in spite of many hurdles. POPULAR TRADE The 12 hedge fund firms together owned 7.05% of Shaw's shares, or 33.6 million shares, according to Refinitiv Eikon data. Spokespeople for Citadel and Sand Grove declined to comment while Pentwater and Canyon did not respond to requests for comment. 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. Millennium, for example, is a multi-strategy firm - meaning it operates different hedge fund strategies. Hedge fund firms are also tracking other deals in Canada, such as Ritchie Bros. Auctioneers' deal to buy IAA Inc, public filings compiled by Refinitiv Eikon showed. Sticking with the Rogers-Shaw deal required a great amount of patience and conviction as the companies faced a protracted ordeal to finalize the transaction and some hedge fund firms, like British firms Marshall Wace and Odey Asset Management, exited their positions by end-December 2021, filings showed. Spokespeople for Marshall Wace and Odey declined to comment. After the competition bureau first blocked the deal in summer 2021, Shaw shares tumbled and the discount to Rogers' offer price widened to about 19%, underlining the high risk to the acquisition. If the competition bureau had prevailed, analysts had predicted Shaw shares would have dropped to the pre-bid level of C$23, pointing to steep losses for the hedge funds. ($1 = 1.3350 Canadian dollars)