‘Not a negotiating technique:’ second supply to take over Cogeco rejected

The Canadian Press

Printed Sunday, October 18, 2020 eight:13PM EDT

Final Up to date Sunday, October 18, 2020 9:10PM EDT

TORONTO – The household that controls the Cogeco corporations has rejected a second takeover supply from Altice USA Inc. and its Canadian accomplice Rogers Communications Inc.

It is the second supply the Audet household has rejected in as many months, saying in an announcement Sunday evening that “this isn’t a negotiating technique, however a definitive refusal.”

Below the brand new supply, Altice mentioned it will pay $11.1 billion money to purchase all of the shares of Cogeco Communications Inc. and its mum or dad Cogeco Inc., together with $900 million to purchase the Audet household’s a number of voting shares and their subordinate shares.

That is up from the earlier supply of $10.three billion, introduced final month.

In each eventualities, Altice USA mentioned it deliberate to maintain solely Cogeco’s U.S. cable property and promote its Canadian property to Rogers, which desires to increase its cable and web territory in Ontario and make its entry into the Quebec market..

The value Rogers would get for its Cogeco shares would have risen to $5.2 billion from $four.9 billion.

Altice’s revised supply included $123 per share for all of the remaining subordinate voting shares of Cogeco Inc. and $150 per share for all of the remaining subordinate voting shares of Cogeco Communications, that are publicly traded on the Toronto Inventory Alternate.

This report by The Canadian Press was first revealed Oct. 18, 2020