(Reuters)-Altice USA Inc’s $ 11.1 billion (US $ 8.43 billion) amendment bid to buy Cogeco was rejected on Sunday by the Odette family, a top investor in Canadian cable companies.
Altice USA Inc said it has eased the one-sided bid to buy Cogeco by adding a premium to the shares held by the Audet family, who declined the previous bid.
“After the first one-sided proposal was announced, as we did on September 2, 2020, members of the Odette family unanimously rejected this further proposal,” said Lewis Odette, president of Jestion Odem. Said in a statement. “I repeat today that this is not a bargaining strategy, but a decisive refusal. I am not interested in selling shares.”
Gestion Audem is a holding company of the Audet family, which holds 69% of Cogeco’s voting rights.
Altice has bid $ 11.1 billion to buy Cogeco from a $ 10.3 billion bid rejected by the Audet family last month.
New York-based Altice said the revised bid includes $ 900 million in the Audet family for ownership, up from the previous $ 800 million.
It also revised its bid on Cogeco’s second largest shareholder, Rogers Communications, and sold all of Cogeco’s Canadian assets for $ 5.2 billion.
Altice said in a statement that Altice USA will own all of Cogeco’s US assets and Rogers will own Canadian assets when the entire transaction is completed.
Altice said it would withdraw the modified bid if the deal was not closed by November 18.
($ 1 = 1.3173 Canadian dollars)
Report by Sabahatjahan Contractor in Bangalore. Edited by Stephen Coates and Lincoln Feast.