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MarketScreener Homepage  >  Equities  >  Nyse  >  Altice USA, Inc.    ATUS

ALTICE USA, INC.

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'Not a negotiating strategy:' second offer to take over Cogeco rejected

10/18/2020 | 07:01pm EST

TORONTO — The family that controls the Cogeco companies roundly rejected another takeover offer from Altice USA and Rogers Communications on Sunday night.

It was the second "unsolicited" offer the Audet family has rejected in as many months, and comes weeks after Cogeco's board sent a letter to the CEOs of both Rogers and Altice, accusing them of "bad faith tactics."

"Since this is apparently not registering with Rogers and Altice, we repeat today that this is not a negotiating strategy, but a definitive refusal," said Louis Audet, president of the family's holding company, Gestion Audem, in a statement released late Sunday. "We are not interested in selling our shares."

Under the new offer, Altice said it would pay $11.1 billion cash to buy all the shares of Cogeco Communications Inc. and its parent Cogeco Inc., including $900 million to buy the Audet family's multiple voting shares and their subordinate shares.

That's up from the previous offer of $10.3 billion, announced last month.

In both scenarios, Altice USA said it planned to keep only Cogeco's U.S. cable assets and sell its Canadian assets to Rogers, which wants to expand its cable and internet territory in Ontario and make its entry into the Quebec cable and internet market.

The price Rogers would get for its Cogeco shares would have risen to $5.2 billion from $4.9 billion.

Altice's revised offer included $123 per share for all the remaining subordinate voting shares of Cogeco Inc. and $150 per share for all the remaining subordinate voting shares of Cogeco Communications, which are publicly traded on the Toronto Stock Exchange.

Gestion Audem holds 69 per cent of all voting rights of Cogeco Inc., which in turn controls 82.9 per cent of all voting rights of Cogeco Communications Inc.

After their first offer was rejected, Altice and Rogers accused the Audet family of failing to properly review or consider the proposal.

In his response, the lead director of Cogeco's boards outlined what he contends were tactics meant to confuse and mislead investors.

"From the outset, you have engaged in bad faith tactics, some of which created confusion in the market," James C. Cherry wrote. "...You publicly announced your proposal in which you said that the support of the Audet family was necessary to complete a transaction, yet you failed to disclose that they had rejected your proposal the prior evening."

He wrote that Cogeco gave the initial offer all the "due care and attention it deserves."

"We will not engage in a futile exercise aimed at diverting the attention of management and key resources from our business operations while creating friction among our stakeholders," he wrote.

This report by The Canadian Press was first published Oct. 18, 2020

Companies in this story: (TSX:RCI.B, TSX:CGA, TSX:CCO)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. 0.11% 4.432 Delayed Quote.-22.98%
ALTICE USA, INC. 8.55% 35.03 Delayed Quote.28.13%
COGECO COMMUNICATIONS INC. -0.97% 96.07 Delayed Quote.-14.30%
COGECO INC. -0.51% 80.66 Delayed Quote.-22.51%
ROGERS COMMUNICATIONS INC. 0.03% 59.87 Delayed Quote.-7.18%
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More news
Financials (USD)
Sales 2020 9 869 M - -
Net income 2020 316 M - -
Net Debt 2020 23 354 M - -
P/E ratio 2020 62,6x
Yield 2020 -
Capitalization 19 561 M 19 561 M -
EV / Sales 2020 4,35x
EV / Sales 2021 4,23x
Nbr of Employees 10 700
Free-Float 42,4%
Chart ALTICE USA, INC.
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Altice USA, Inc. Technical Analysis Chart | ATUS | US02156K1034 | MarketScreener
Technical analysis trends ALTICE USA, INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 28
Average target price 35,92 $
Last Close Price 35,03 $
Spread / Highest target 51,3%
Spread / Average Target 2,55%
Spread / Lowest Target -20,1%
EPS Revisions
Managers
NameTitle
Dexter G. Goei Chief Executive Officer & Director
Patrick Drahi Chairman
Abdelhakim Boubazine COO & President-Telecommunications
Michael Grau Chief Financial Officer
Philippe Le May Chief Technology Officer
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