Altice USA and Rogers provided an offer to acquire Cogeco Inc. and Cogeco Communications Inc. yesterday. The takeover offer, which would see Rogers acquire the Canadian assets of Cogeco, was soon rejected in the evening by the Cogeco boards of directors.
This afternoon, Altice USA and Rogers released the following statement on the matter, saying, “We strongly believe that we presented a very attractive offer – one that would reward all Cogeco shareholders with a significant premium – and we stand by that offer.”
Both Cogeco boards rejected the “unsolicited offer” on Wednesday evening, which was also reviewed by the ruling Audet family.
“We remain committed to pursuing this transaction and are open to engaging with shareholders and the boards in a constructive dialogue,” added the Rogers and Altice USA joint statement.