Altice boosts bid for Cogeco to $11.1 billion, is rapidly rejected

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Altice USA Inc. raised its bid for Cogeco Inc. and Cogeco Communications Inc. to $11.1 billion after an earlier $10.three billion proposal was rejected by the controlling Audet household.

However the Audet household rapidly rejected the brand new supply, reiterating that the corporate is just not on the market.

Altice’s revised supply Sunday consists of $900 million (up from $800 million) to the Audets for his or her a number of courses of voting shares of each firms, in addition to $123 per share for the remaining Cogeco subordinate voting shares and $150 per share for these in Cogeco Communications.

Dexter Goei, chief government officer of Altice, mentioned the revised supply included suggestions from discussions with some shareholders. Goei requested the boards to think about the bid and “have interaction with us to debate our proposal.”

Altice first introduced an unsolicited supply Sept. 2 in a deal that may see it get hold of the Montreal-based cable firm’s U.S. property and promote the remaining to Rogers Communications Inc. The Audet household, by its holding firm Gestion Audem Inc., spurned the supply after Altice and Rogers unveiled their plan.