Rogers Wireless shares drop after failed bid to privatize

Toronto - Rogers Wireless Communications shares fell 34 per cent Thursday after brokerage UBS Warburg put a sell recommendation on the shares after a privatization bid by parent Rogers Communications Inc. failed earlier this week.

Rogers Wireless shares fell $8.41 to $16.65, down 34 per cent, as 2.1 million shares traded once trading on the Toronto Stock Exchange resumed Thursday. The TSE was closed Wednesday and most of Tuesday due to the terrorist attacks on the U.S.

Rogers Communications B shares fell 15 cents to $23.10 in late-morning trading.

On Tuesday, Rogers Wireless minority shareholders -- with a 16 per cent stake -- voted strongly against a bid by Roger Communications, launched in June, that would have taken the cellphone company private.

The bid, valued at about $500 million, would have left Rogers Communications with 86 per cent of the wireless firm and AT&T; Wireless with 33 per cent. UBS Warburg cut its price target for Rogers Wireless to $20 from $29 and changed its rating to sell from hold.

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