Canadian operator Cogeco’s controlling shareholder the Audet family has issued what it says is a final rejection of the acquisition offer put forth by Altice USA and Rogers on 2 September. The bid, at CAD 10.3 billion, was rejected the next day on 3 September but the bidding parties issued a statement on 4 September, saying they “stand by” their offer and remain committed to pursuing a deal “engaging with shareholders and the boards in a constructive dialogue.” Cogeco executive chairman Louis Audet said in a statement today that the shares are not for sale and that the refusal was not a negotiating position: “it is definitive.”
Audet noted how his father launched the company 63 years ago in Quebec’s Trois-Rivieres, and how the company went public in 1985, with annual revenues then at CAD 20M. These are now at CAD 2.5B and the business is “well-managed, growing, strategically positioned for the evolving and dynamic future of the telecommunications and media industries,” he said.
“My family, in cooperation with our boards of directors and management team, takes great pride and satisfaction in our long-term vision for the continued growth of Cogeco and the ownership structure that makes this long-term vision possible,” he concluded.
