Government will reject the deal. They typically only scrutinize such transactions with a large market share or the size of the company.
It would have more to do with the whole new entrant thing and competition failing rather than market consolidation. The government and CRTC won't want egg on their face after all the foreign ownership changes they got through.
The only Canadian company that could logically get away with it would be Videotron as they're a new entrant as well, but it would mean the exact same thing to consumers as if Rogers bought them. Then we'll have the Big 4 rather than the Big 3.