The family that controls the Cogeco companies has rejected a second takeover offer from Altice USA Inc. and its Canadian partner, Rogers Communications Inc.
It’s the second offer the Audet family has rejected in as many months, saying in a statement Sunday night that “this is not a negotiating strategy, but a definitive refusal.”
Under the new offer, Altice would pay $11.1 billion in cash to buy all the shares of Cogeco Communications Inc. and its parent Cogeco Inc., including $900 million to buy the Audet family’s multiple voting shares and subordinate shares.
That’s up from Altice’s previous offer of $10.3 billion, announced last month.
Get breaking National news
In both scenarios, Altice USA plans to keep only Cogeco’s U.S. cable assets and sell its Canadian assets to Rogers, which wants to expand its cable and internet territory in Ontario and make its entry into the Quebec market.
- TC Energy urges co-operation on growing natural gas network to meet ‘generational’ demand
- Manitoba offers to waive sales tax on major Port of Churchill investments
- New Brunswick aiming to attract $30 billion in investment at Toronto summit
- Inflation stayed at 3% in August as travel costs soared, says StatCan
The price Rogers would get for its Cogeco shares would rise to $5.2 billion from $4.9 billion.
Altice’s revised offer includes $123 per share for all the remaining subordinate voting shares of Cogeco Inc. and $150 per share for all the remaining subordinate voting shares of Cogeco Communications, which are publicly traded on the Toronto Stock Exchange.
Comments
Want to discuss? Please read our Commenting Policy first.