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    CGO   CA19238T1003

COGECO INC.

(CGO)
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Cogeco and Cogeco Communications boards officially reject revised offer

10/20/2020 | 02:42pm EDT

MONTREAL — The boards of directors at Cogeco Inc. and Cogeco Communications Inc. have unanimously rejected a revised unsolicited takeover offer from Altice USA Inc. and Rogers Communications Inc.

The companies' boards met Tuesday to consider the $11.1-billion proposal, which was up from a previous offer of $10.3 billion.

The decision doubles down on a Sunday night statement from the Audet family — which has a controlling stake through holding company Gestion Audem — refusing the offer. Gestion president Louis Audet on Sunday said the family’s rejection of two unsolicited proposals in as many months was “not a negotiating strategy, but a definitive refusal.”

At Tuesday’s meeting, Louis Audet again said the family has no interest in selling. Gestion Audem holds 69 per cent of voting rights at Cogeco Inc., which in turn controls 82.9 per cent of Cogeco Communications Inc.'s voting rights.

“Following separate deliberations of the independent board members supported by independent legal counsel, taking into account the stated position of the Audet family, the boards rejected the revised unsolicited, non-binding proposal and will not engage with Altice and Rogers,” Cogeco’s board said in a statement.

Under the revised 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.

Cogeco is one of the few broadband companies with a large presence in both Canada and the U.S. Under its proposal, Altice USA would keep Cogeco's U.S. cable assets and sell its Canadian assets to Rogers.

Altice has been pursuing a deal with Cogeco to expand into 11 U.S. states on the east coast. Cogeco shareholder Rogers, meanwhile, would gain a stronghold in Quebec, and has said it will invest $3 billion into Quebec internet infrastructure if it can reach a deal with Cogeco.

Altice said on Sunday that if no agreement is reached by Nov. 18, it will withdraw its offer.

This report by The Canadian Press was first published Oct. 20, 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 USA, INC. -5.21% 20.9437 Delayed Quote.-41.75%
COGECO COMMUNICATIONS INC. -0.18% 113.51 Delayed Quote.16.20%
COGECO INC. 0.08% 91.44 Delayed Quote.11.45%
ROGERS COMMUNICATIONS INC. -0.12% 59.47 Delayed Quote.0.47%
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Financials
Sales 2021 2 606 M 2 053 M 2 053 M
Net income 2021 144 M 114 M 114 M
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 1 453 M 1 145 M 1 144 M
Capi. / Sales 2021 0,56x
Capi. / Sales 2022 0,49x
Nbr of Employees 3 740
Free-Float 51,4%
Chart COGECO INC.
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Cogeco Inc. Technical Analysis Chart | CGO | CA19238T1003 | MarketScreener
Technical analysis trends COGECO INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 91,37 CAD
Average target price 128,00 CAD
Spread / Average Target 40,1%
Managers and Directors
Philippe JettÚ President, Chief Executive Officer & Director
Patrice Ouimet Chief Financial Officer & Senior Vice President
Louis V. Audet Executive Chairman
Stephane Lacombe Vice President-Information Technology
Zouheir Mansourati Chief Technology Officer & Senior Vice President
Sector and Competitors