Updated: Cogeco rejects Altice USA and Rogers’ plan for $8B buyout, Warns FierceTelecom

From FierceTelecom:

In order to get its hands on Atlantic Broadband, Altice USA has made a $7.8 billion cash offer to buy Cogeco by working with Rogers Communications.

Wednesday morning, Altice USA offered to buy Cogeco (CGO) and Cogeco Communications from Rogers Communications, which owns a 41% share in the former and 33% of the latter, and members of the Audet family that own Cogeco.

Wednesday afternoon Cogeco weighed in on the unsolicited, non-binding proposal from Altice USA and Rogers Communications. Cogeco (CGO) and Cogeco Communications (CCA) said in a press release that following the close of business on Tuesday, it received an unsolicited, non-binding proposal from Altice USA and Rogers Communications.

“The non-binding proposal will be submitted to and reviewed by the Corporations’ boards of directors today, Cogeco said in its press release. “The non-binding proposal of Altice USA and Rogers Communications Inc., which was pre-emptively announced today by Altice and Rogers, has been reviewed by Gestion Audem Inc., a company controlled by the members of the Audet family holding 69% of all voting rights of CGO which in turn controls 82.9% of all voting rights of CCA. Gestion Audem Inc. has already indicated that it does not intend to sell its shares and will not support the proposal. The corporations will not comment any further at this time.”

Continue reading Updated: Cogeco rejects Altice USA and Rogers’ plan for $8B buyout on FierceTelecom

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