Cogeco, Audet family reject acquisition bid from Altice USA, Rogers

News Broadband United States 3 SEP 2020
Cogeco, Audet family reject acquisition bid from Altice USA, Rogers
Canadian operator Cogeco and its controlling shareholders the Audet family have rejected the unsolicited takeover bid put forth by Altice USA and Rogers Communications. The rejection follows board meetings at both companies, in discussion with members of the Audet family.   

Altice USA made its CAD 10.3 billion takeover offer on 2 September. Under the proposed deal, Altice USA would have bought Atlantic Broadband, the ninth-largest cable company in the US, while Rogers would have acquired Cogeco’s Canadian assets.

Categories:

Fixed

Companies:

Rogers Communications,  Atlantic Broadband,  Optimum Mobile

Countries:

Canada,  United States

Tags:

Shareholders & subsidiaries, Corporate strategy, M&A buyouts & divestments

Related Articles

NORTH AMERICA 14 APR 2021

Cogeco Communications grows quarterly revenue 8% on broadband demand

Cogeco Communications reported revenue for its fiscal second quarter to February up 8.2 percent year-on-year to CAD 634.5 million. Growth was helped by its acquisition of DeryTelecom in December, as well as broadband demand at its Canadian and US operations.

CANADA 28 OCT 2020

Cogeco raises dividend after solid Q4

Cogeco, which recently rejected a takeover bid from Altice USA and Rogers, has again raised its quarterly dividend after reporting better results for its fiscal fourth quarter to end August. The company will distribute a dividend of CAD 0.64, against 0.58 year-on-year and sequentially.

CANADA 22 OCT 2020

Cogeco acquires Quebec's Derytelecom for CAD 405 million

Cogeco Communications' Canadian subsidiary Cogeco Connexion entered into a definitive agreement to purchase Derytelecom, a cable provider in the province of Quebec for CAD 405 million. Derytelecom offers internet, television and telephony services to approximately 100,000 customers in over 200 municipalities across several regions in Quebec, including Estrie, Lanaudiere, Monteregie and the Laurentians. Revenue and adjusted EBITDA for the fiscal year ended 31 August are estimated to be CAD 105 million and CA

CANADA 21 OCT 2020

Cogeco board of directors also say no to revised offer from Altice USA, Rogers

The shareholders of Cogeco Inc and Cogeco Communications have both unanimously rejected the revised and unsolicited bid from Altice USA and Rogers Communications. The Audet family, the controlling shareholders of Cogeco, had already said no to the deal but the boards held separate deliberations and also rejected the offer.

CANADA 19 OCT 2020

Cogeco rejects sweetened takeover offer from Altice USA, Rogers

Altice USA and Rogers have increased their takeover bid for Cogeco, now valuing the company at CAD 11.1 billion, including shares owned by Rogers. The companies made a bid for the company in September that valued the company at CAD 10.3 billion. That offer was soundly rejected not one but twice, and this new one has been too. The Audet family, the controlling shareholders of Canadian operation Cogeco, said this was a "definitive refusal."

CANADA 8 SEP 2020

Cogeco executive chairman says rejection of Altice USA, Rogers acquisition bid is 'definitive'

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

CANADA 4 SEP 2020

Altice USA, Rogers 'stand by' CAD 10.3 bln acquisition bid for Cogeco

Altice USA and Rogers said they still believe their offer for Canadian operator Cogeco is "attractive" and one that "would reward all Cogeco shareholders with a significant premium." The companies said they stand by the CAD 10.3 billion offer and remain committed to pursuing the deal, open to "engaging with shareholders and the boards in a constructive dialogue."

CANADA 2 SEP 2020

Altice USA, Rogers agree CAD 10.3 bln takeover bid for Cogeco

Altice USA has made a bid to acquire Canadian operator Cogeco, valuing the company at CAD 10.3 billion. The deal would give the company Atlantic Broadband, the ninth-largest cable company in the US, while Cogeco's Canadian assets would be sold to Rogers Communications, which is already a large shareholder in the company. 

Just In

14:00

Vi introduces Niyo Zero Forex Markup Card for travelers

13:39

True reshuffles executive team

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.