MONTREAL — The boards of directors at Cogeco Inc. and Cogeco Communications Inc. have unanimously rejected a revised unsolicited takeover offer from Altice USA Inc. and Rogers Communications Inc.
The companies say the boards met Tuesday to consider the $11.1-billion proposal, which was up from a previous offer of $10.3 billion.
At the meeting, Louis Audet, president of the family’s holding company Gestion Audem, confirmed the Audet family has no interest in selling.
Gestion Audem holds 69 per cent of all voting rights of Cogeco Inc., which in turn controls 82.9 per cent of all voting rights of Cogeco Communications Inc.
Under the revised offer, Altice said it would pay $11.1 billion cash to buy all the shares of Cogeco Communications Inc. and its parent Cogeco Inc., including $900 million to buy the Audet family’s multiple voting shares and their subordinate shares.
Altice USA would keep only Cogeco’s U.S. cable assets and sell its Canadian assets to Rogers.
This report by The Canadian Press was first published Oct. 20, 2020.
Companies in this story: (TSX:RCI.B, TSX:CGA, TSX:CCO)
The Canadian Press