After having their $7.8 billion cash offer for Canadian cable company Cogeco turned down, Altice USA and Rogers Communications said Thursday they stood by the offer but were "open to engaging with shareholders and the boards in a constructive dialogue.”
“We strongly believe that we presented a very attractive offer – one that would reward all Cogeco shareholders with a significant premium – and we stand by that offer. We remain committed to pursuing this transaction and are open to engaging with shareholders and the boards in a constructive dialogue,” the Rogers and Altice USA statement said.
Altice USA made the unsolicited offer on Wednesday (Sept. 2) with an eye to retaining Cogeco's U.S. cable assets, namely Atlantic Broadband, and selling Cogeco's Canadian operations to Rogers, which is a big outside shareholder in Altice USA.
Unfortunately for Altice USA, the Audet family, which controls Cogeco, doesn't want to sell. Both Altice USA and Cogeco stock (in Canada) rose on news of the offer Wednesday, so Cogeco is considered to be in play.
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