TORONTO — U.S. cable company Altice USA Inc. and Rogers Communications Inc. say they are open to talks regarding their proposal to buy Cogeco Inc. and Cogeco Communications Inc.
The willingness to talk comes after the Audet family, which controls Cogeco, and the independent members of both boards rejected the unsolicited takeover bid earlier this week.
However, Altice and Rogers say they remain committed to pursuing the transaction and are “open to engaging with shareholders and the boards in a constructive dialogue.”
Altice has offered $10.3 billion for Cogeco and Cogeco Communications.
The deal includes a side arrangement that would see it sell Cogeco’s Canadian assets to Rogers for $4.9 billion.
Altice would keep Cogeco’s U.S. assets, including Atlantic Broadband, a cable operator providing residential and business customers with broadband, video and telephony services in 11 U.S. states.
This report by The Canadian Press was first published Sept. 4, 2020.
Companies in this story: (TSX:CCA, TSX:CGO, TSX:RCI.B)
The Canadian Press