Cogeco Rejects Newly Offered $11.1 Billion Takeover Bid From Altice and Rogers
The controlling family of the Cogeco companies has once again rejected a multi-billion dollar takeover offer from Altice USA Inc. and Rogers Communications Inc.
In the second bid to buy all over its shares, Altice USA and Rogers offered an $11.1 billion bid to the Audet family, who controls Cogeco Inc. and Cogeco Communications. According to 680 News, the family has rejected the offer and said in a statement that “this is not a negotiating strategy, but a definitive refusal.”
Altice USA and Rogers, who acts as Altice USA’s Canadian partner, offered the Audet family $11.1 billion in order to buy all shares of the Cogeco companies. The multi-billion-dollar offer would also cover the purchase of the Audet family’s multiple voting shares and subordinate shares.
This was the second offer put in place in recent months by Altice USA and Rogers. Last month, the two offered the Audet family $10.3 billion under the same takeover measures. Altice USA was to purchase Cogeco and maintain control of the company’s US cable assets and sell the Canadian assets to Rogers Communications.
Altice USA’s revised offer included $123 for all remaining subordinate voting shares of Cogeco Inc. and $150 for the remaining subordinate voting shares of Cogeco Communications.
Originally, Rogers Communications would have purchased the Canadian assets for $4.9 billion, but that number spiked to $5.2 billion in the new deal. Rogers Communications invested in the deal in order to gain control of the assets in order to assist in expanding its cable and internet territory in Ontario and enter into the Quebec markets.