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OFFON

ALTICE USA, INC.

(ATUS)
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ALTICE USA, INC. PRESENTS REVISED AND ENHANCED OFFER TO ACQUIRE COGECO IN ORDER TO OWN ATLANTIC BROADBAND

10/20/2020 | 10:17am EDT

Altice USA, Inc. ('Altice USA') (NYSE: ATUS) announces that it has presented a revised and enhanced offer to Cogeco Inc. ('CGO') and Cogeco Communications Inc. ('CCA', together with CGO, 'Cogeco') to acquire 100% of the issued and outstanding shares of Cogeco.

Altice USA has also revised its arrangement with the largest long-term shareholder of Cogeco, Rogers Communications Inc. ('Rogers') (TSX: RCI.A and RCI.B, NYSE: RCI), to sell all the Canadian assets of Cogeco at an adjusted net price of C$5.2 billion, if its transaction with Cogeco is completed. Upon completion of the overall transaction, Altice USA would own all the U.S. assets (Atlantic Broadband) of Cogeco, and Rogers would own the Canadian assets.

If Altice USA is unable to arrive at a mutually satisfactory agreement by November 18, 2020, or, at the very least, it does not see a clear path forward to completion of a transaction, this revised offer will be withdrawn. Dexter Goei, Chief Executive Officer of Altice USA said: 'We are pleased to present an incredibly attractive revised and enhanced offer for Cogeco that significantly rewards all shareholders and incorporates feedback from recent discussions with holders of subordinate voting shares. We encourage the Cogeco boards to act in the best interest of all shareholders and stakeholders as they thoughtfully consider this offer, and we respectfully request that the boards engage with us to discuss our proposal.'

Forward Looking Statements

Certain statements in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that the submission of a non-binding proposal to Cogeco should not be viewed as an indication that any specific transaction will be pursued or consummated. There can be no assurance that the offer will result in any specific action or transaction or agreement or, if a transaction is undertaken, as to the nature, terms or timing of such transaction. Altice USA and Rogers do not intend to disclose developments with respect to any discussions regarding the offer unless and until the Board of Directors of Altice USA and Rogers have approved a specific transaction or they otherwise determine that disclosure is necessary or appropriate. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this release. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'anticipate', 'believe', 'could', 'estimate', 'expect', 'forecast', 'intend', 'may', 'plan', 'project', 'should' or 'will' or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. To the extent that statements in this release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in our most recently filed Annual Report on Form 10-K and in our most recently filed Quarterly Report on Form 10-Q. You are cautioned to not place undue reliance on Altice USA's forward-looking statements. Any forwardlooking statement speaks only as of the date on which it was made. Altice USA specifically disclaims any obligation to publicly update or revise any forward-looking statement, as of any future date.

Contact:

Tel: +1 516 279 9461

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE USA, INC. -6.55% 20.615 Delayed Quote.-41.75%
COGECO COMMUNICATIONS INC. -0.08% 113.615 Delayed Quote.16.20%
COGECO INC. 0.69% 92 Delayed Quote.11.45%
ROGERS COMMUNICATIONS INC. 0.07% 59.58 Delayed Quote.0.47%
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Analyst Recommendations on ALTICE USA, INC.
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Financials (USD)
Sales 2021 10 043 M - -
Net income 2021 950 M - -
Net Debt 2021 24 962 M - -
P/E ratio 2021 10,9x
Yield 2021 -
Capitalization 10 084 M 10 084 M -
EV / Sales 2021 3,49x
EV / Sales 2022 3,38x
Nbr of Employees 8 900
Free-Float 39,9%
Chart ALTICE USA, INC.
Duration : Period :
Altice USA, Inc. Technical Analysis Chart | ATUS | US02156K1034 | MarketScreener
Technical analysis trends ALTICE USA, INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 22,06 $
Average target price 37,57 $
Spread / Average Target 70,3%
EPS Revisions
Managers and Directors
Dexter G. Goei Chief Executive Officer & Director
Michael J. Grau Chief Financial Officer & Executive Vice President
Patrick Drahi Chairman
Philippe Le May Chief Technology Officer
Raymond Svider Independent Director
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