"As we did on September 2nd, 2020, following the announcement of their first unsolicited proposal, members of the Audet family unanimously reject this further proposal. Since this is apparently not registering with Rogers and Altice, we repeat today that this is not a negotiating strategy, but a definitive refusal. We are not interested in selling our shares," said Cogeco executive chairman Louis Audet.
Under the deal proposed, Altice would have taken possession of Cogeco’s US assets, namely Atlantic Broadband, with Rogers taking over the company’s Canadian assets. The companies said they would withdraw their revised offer if not agreement had been reached by 28 November. Specifically, the offer included CAD 900 million to the Audet family for their ownership interests. The bid represented premiums of 50 percent and 45 percent to the different shares’ weighted average price on the Toronto Stock Exchange for the month of August.
