(Bloomberg) -- Shaw Communications Inc. dropped to the lowest level in more than a year after it said Canada’s antitrust agency is trying to block a takeover by Rogers Communications Inc. 

Shaw was down 8.8% to C$34.24 at 9:50 a.m. in Toronto, the lowest since April 15, 2021. Rogers and Shaw will either have to agree to changes or divestitures that satisfy the Competition Bureau or fight before the country’s Competition Tribunal, a process that could take months.   

Rogers fell nearly 5% to C$63.70. 

National Bank Financial analyst Adam Shine said there’s still a path for the companies to complete their $16 billion transaction. 

“Sometimes the Competition Bureau just wants to slow things, put forward its arguments to be discussed with or without the Competition Tribunal, and possibly resolve issues,” Shine said in a note to investors. 

Rogers, which has offered C$40.50 a share for Shaw, wants to settle the matter out of court and has opened the door to selling assets to Montreal-based communications firm Quebecor Inc. to try to solve the antitrust concerns, according to a person familiar with the matter. 

The wireless business is a key sticking point for regulators: Shaw’s Freedom Mobile unit is the fourth-largest wireless provider, with a presence in several major markets including Toronto and Vancouver. 

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