Altice USA and Rogers Communications return to indictment hoping to seize Cogeco and its main subsidiary by raising their hostile bid by 800 million, which adds up to 11.1 billion, in addition to indicating that the proposal will be withdrawn within one month if there are no advances.
Posted Oct 18, 2020 at 6:51 PM
The new offensive by the American company and the Canadian telecommunications giant, announced on Sunday evening, also offers an additional 100 million – for a total of 900 million – to convince Gestion Audem, the Audet family company, to run the Quebec company. controls through its shares with multiple voting rights.
The latter's agreement, which closed the door to a sale on September 7, is necessary to execute every transaction. Cogeco did not immediately comment on Altice and Rogers' new offensive.
"This revised offer provides significant added value for all shareholders and maintains our commitment to invest $ 3 billion in Quebec over the next five years, including the preservation of the Cogeco brand and Cogeco's headquarters in Quebec" Rogers President and CEO Joe Natale said in an emailed statement.
If it is not possible to reach a "mutually satisfactory agreement" by November 18 or if there appears to be no hope of an agreement, the offer will be withdrawn, Altice emphasizes.
She added that the new terms took into account "comments from recent discussions" with holders of restricted shares.
“We encourage Cogeco's Boards to act in the best interests of all shareholders and stakeholders who are carefully considering this offer, and we respectfully request our Boards to accept our proposal,” said Altice USA CEO Dexter Goei in a statement.
The mechanics of the Altice USA and Rogers offer called for a split of the assets of Cogeco and its main subsidiary. Atlantic Broadband would fall into the fold of the American company, while its Canadian assets would be sold to Rogers.