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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Cogeco Communications Inc.    CCA   CA19239C1068

COGECO COMMUNICATIONS INC.

(CCA)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 01/20 01:13:04 pm
103.01 CAD   -0.51%
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Cogeco directors spurn Rogers, Altice again in an exchange of accusatory letters

09/16/2020 | 05:48pm EST

MONTREALCogeco Communications Inc. and its parent company are accusing Rogers Communications Inc. and its American partner of using "bad faith tactics" in their attempt to buy the company without support from its controlling shareholder.

In a letter released two weeks after Rogers and Altice USA Inc. announced a $10.4 billion offer, Cogeco's lead director says they failed to disclose to the public that they'd already been flatly rejected the previous night.

The Cogeco letter also alleges that the unsolicited offer was made public despite the rejection in order to put pressure on the founding Audet family, which controls a majority of the shareholder votes at Cogeco Communications.

Cogeco issued the letter in response to a joint letter from Rogers and Altice sent to Louis Audet, chairman of Cogeco's board and former chief executive of the company..

The CEOs of Rogers and Altice say the independent directors of Cogeco had failed to fulfil their duty to consider the proposal fully on behalf of all shareholders, not just the Audets.

Cogeco lead director James Cherry says in his reply to Rogers and Altice that all the proper steps were taken by Audet and the directors and they won't engage in a "futile exercise" that diverts attention from running the internet and cable business.

This report by The Canadian Press was first published Sept. 16, 2020

Companies in this story: (TSX:RCI.B TSX:CCA)

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

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. -0.04% 5.33 Real-time Quote.0.08%
ALTICE USA, INC. -0.69% 36.36 Delayed Quote.-3.33%
COGECO COMMUNICATIONS INC. -0.43% 103.01 Delayed Quote.8.86%
ROGERS COMMUNICATIONS INC. -0.76% 59.86 Delayed Quote.2.24%
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More news
Financials
Sales 2021 2 525 M 1 999 M 1 999 M
Net income 2021 401 M 318 M 318 M
Net Debt 2021 2 843 M 2 251 M 2 251 M
P/E ratio 2021 12,5x
Yield 2021 2,46%
Capitalization 4 942 M 3 880 M 3 913 M
EV / Sales 2021 3,08x
EV / Sales 2022 2,86x
Nbr of Employees 3 740
Free-Float 44,7%
Chart COGECO COMMUNICATIONS INC.
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Cogeco Communications Inc. Technical Analysis Chart | CCA | CA19239C1068 | MarketScreener
Technical analysis trends COGECO COMMUNICATIONS INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Average target price 124,67 CAD
Last Close Price 103,54 CAD
Spread / Highest target 35,2%
Spread / Average Target 20,4%
Spread / Lowest Target 12,0%
EPS Revisions
Managers and Directors
NameTitle
Philippe Jetté President, Chief Executive Officer & Director
Louis V. Audet Executive Chairman
Patrice Ouimet Chief Financial Officer & Senior Vice President
Stephane Lacombe Vice President-Information Technology
Zouheir Mansourati Chief Technology Officer & Senior Vice President
Sector and Competitors