The opinions expressed in this editorial are those of the author and do not necessarily reflect those of Decima Reports. Once thought of as the stray dog no one wanted around, Microcell Telecommunications Inc. in the past three weeks emerged as a rare, valuable breed everyone seems to want to get a leash on. This week Rogers Wireless Inc. inked an agreement with Microcell management to buy "little Fido" in an all-cash deal worth about $1.4 billion, trumping a $1.1-billion TELUS Corp. bid launched in May.  The fact that Rogers Wireless finally came off the sidelines isn’t much of a surprise. It all but signaled its intent to bid for Microcell when it filed papers with the Competition Bureau seeking a ruling on whether the acquisition of Microcell would raise any anti-competitive issues. That ruling is still pending, but is expected early next month, according to Rogers Wireless. Secondly, Rogers Communications secured an agreement with AT&T Wireless to repatriate its 34% stake in its wireless subsidiary, clearing the way for a Microcell purchase offer. Analysts have long speculated about a Rogers/Microcell combination with many saying Rogers was too preoccupied with trying to regain control of its stock from AT&T to actively pursue Microcell. But as was revealed last week, Rogers Wireless and Microcell had already been in discussions about a deal, and Rogers Wireless had even conducted due diligence on its smaller rival. There can be little doubt that Rogers Wireless was going to make a bid for Microcell. It was just a matter of time and the only obstacle remaining was anteing up enough money for the AT&T stake, which was taken care of last week. Other analysts noted prior to the announcement that with a spectrum cap in place Microcell wasn’t that valuable a property. But the value of Microcell shot up when Industry Canada eliminated the cap on August 27. The removal of the cap may not have been the reason Rogers Wireless finally anted up for Microcell, but it is icing on the cake. Without a limit on spectrum holdings, Microcell’s licences become a key asset. No one knows what the cost of acquiring 3G spectrum will be in the next auction, but securing a national 30 MHz chunk now may seem like a huge bargain two or three years from now.