On a fundamental basis, we see CJR.B [Corus] shares as undervalued, and at current price levels, we believe that Shaw is motivated to begin to "kick the tires" on a potential acquisition, given the potential synergies.
Regulatory hurdles should be minimal. Given that the key regulator (CRTC) already views Shaw and Corus as one entity owing to the common Shaw family control, we believe that any regulatory concessions would be marginal.
Shaw’s end-game is a merger with Rogers
At the same time, TD cut their 12-month target price prediction on Corus by $2, but still predicts 66.4% growth over the next year, when you add share price growth and its 11.8% dividend.