World News – CA – Altice increases bid for Cogeco but is rejected again – BNN Bloomberg

12h ago

Altice USA Inc increased its offer on Cogeco Inc and Cogeco Communications Inc to $ 8.4 billion, but the offer was quickly turned down by the majority shareholder of Canadian cable company

â ???? We are not interested in selling our shares, â ?? Louis Audet, president of Gestion Audem Inc, said in a statement Gestion is a private holding company which owns 69% of the voting rights of Cogeco

Altice’s revised Sunday offer included $ 900 million to the Audet family for their multiple classes of voting shares of the two companies, as well as $ 123 per share for the subordinate voting shares of Remaining Cogeco and C $ 150 per share for these from Cogeco Communications

Dexter Goei, CEO of Altice, said the offer incorporated comments from discussions with certain shareholders Goei asked boards of directors to review the offer and engage with us to discuss our proposalâ ????

Altice first announced an unsolicited bid worth around $ 7 billion in September 2 Its proposal would see Altice secure the active US cable company, Atlantic Broadband, and sell the rest to Rogers Communications Inc of Toronto

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This revised offer provides significant additional value for all shareholders and confirms our commitment to invest $ 3 billion over the next five years in Quebec, including the maintenance of the Cogeco brand and the Cogeco head office in Quebec, â ???? Rogers Communications Inc CEO Joe Natale said in an emailed statement on Sunday

Rogersâ ???? the commitment to maintain Cogeco’s presence in Quebec is probably aimed at avoiding the objections of the provincial nationalist government

– Members of the Audet family unanimously reject this additional proposal, – Audet said in his statement on Sunday As this apparently does not fit with Rogers and Altice, we repeat today that it does it is not a negotiation strategy, but a definitive refusalâ ????

Gestion Audem holds 69% of the voting rights of the public holding company Cogeco Inc, while Rogers controls more than 13% of the votes For Cogeco Communications, Gestion holds 83% of the votes and Rogers 6%

Rogers said its pledge to spend $ 3 billion in the province over the next five years would help secure 5,000 jobs for the combined Rogers and Cogeco entity

Shares of Cogeco Inc have climbed 74% since the deal was announced, while Cogeco Communications has gained 42%

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Cogeco, Altice United States, Rogers Communications, Louis V Audet