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MTS shares down after Egyptian firm's acquisition blocked

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At 11:30 eastern time Tuesday, MTS shares were down eight per cent to $29.87 on very heavy trading.

BRUCE BUMSTEAD / BRANDON SUN ARCHIVES Enlarge Image

At 11:30 eastern time Tuesday, MTS shares were down eight per cent to $29.87 on very heavy trading.

MTS shares are tumbling on heavy trading this morning after the surprising news late Monday afternoon that the federal government has rejected the acquisition of Allstream by Egyptian-based Accelero Capital Markets.

At 11:30 eastern time, MTS shares were down eight per cent to $29.87 on very heavy trading.

Bay Street analysts were queuing up to downgrade MTS shares to the $30 mark and both Greg MacDonald at Macquarie Capital Markets and Dvai Ghose at Canaccord Genuity say the decision to reject the Allstream sale now puts MTS’s ability to continue to finance the company’s juicy stock dividend at risk.

They both also doubt the availability of another buyer for Allstream, the national business service fibre optic network, or at least another buyer willing to pay the same price as Accelero.

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