A Federal Court has put a stay on the C$20 billion merger between Shaw Communications and Rogers Communications following a request from Canada’s Competition Bureau.

The agency had requested a stay on Canada’s antitrust tribunal’s decision from last week to approve the deal that would create the country’s second-largest telecom firm.

At least two analysts downgraded Shaw Communications’ shares after the court’s stay order, citing worries that the deal would not close on its slated Jan. 31 date.

Canada’s Competition Bureau said the stay on the tribunal’s decision will remain until its “application for a stay and an injunction can be heard.”

“It is uncertain if the appeal will be heard. If it is heard, then the outcome of the Rogers/Shaw transaction could be months away,” said David McFadgen, analyst at Cormark Securities.

Canada’s Industry Minister Francois-Philippe Champagne said he would give a separate decision only after there is clarity on the ongoing legal process.

Shares of Shaw were trading nearly 2 percent lower at C$38.4, below Rogers’ offer price of C$40.50 made in March 2021.

“At current levels, we will look for investment opportunities elsewhere within the Canadian telecom sector,” RBC analyst Drew McReynolds said.