Rogers Communications Inc. said Friday it will not be acquiring Cogence Networks Inc. in a deal that could further strengthen its position in Canada’s telecoms industry.
Cogenter, which is based in Montreal, is one of Canada’s leading satellite providers.
Rogers and Cogency, which was formed in 2015, have been engaged in a lengthy legal battle over a proposed acquisition.
Rogers said Friday the deal was not subject to a formal tender process.
Rogers’ decision comes after several reports last month suggesting Rogers was in the midst of an acquisition effort.
COGENCY, meanwhile, said Friday its stock price is down more than 20 per cent this year and has been on a downward trajectory since March, when Rogers acquired its satellite-broadcasting business, which includes the Cogenteel network.
The Cogentaels satellite service provides Internet, TV and telephone services across Canada.
The company also offers satellite radio service and has launched a smartphone-connected TV service.
Rogers Communications shares closed down 0.9 per cent at $43.55.