(Reuters) – Altice USA Inc’s C$11.1 billion (US$8.43 billion) revised bid to acquire Cogeco was rejected on Sunday by the Canadian cable company’s top investor, the Audet family.
Altice USA Inc said it had sweetened its unsolicited bid to acquire Cogeco by adding a premium for shares held by the Audet family, which had rejected the previous bid.
“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,” Louis Audet, president of Gestion Audem said in a statement. “We repeat today that this is not a negotiating strategy, but a definitive refusal. We are not interested in selling our shares.”
Gestion Audem is the holding company of the Audet family that holds 69% of the voting share of Cogeco.
Altice bid C$11.1 billion to acquire Cogeco, up from the C$10.3 billion bid that was rejected by the Audet family last month.
New York-based Altice said the revised bid included C$900 million to the Audet family for their ownership interests, from C$800 million previously.
It also revised its bid to Cogeco’s second-largest shareholder, Rogers Communications Inc, to sell it all of Cogeco’s Canadian assets for C$5.2 billion.
Upon completion of the overall transaction, Altice USA would own all the U.S. assets of Cogeco and Rogers would own the Canadian assets, Altice said in a statement.
Altice said it would withdraw its revised bid if a deal was not reached by Nov. 18.
($1 = 1.3173 Canadian dollars)
Reporting by Sabahatjahan Contractor in Bengaluru; Editing by Stephen Coates and Lincoln Feast.