Altice USA Inc’s ATUS.N C$11.1 billion ($8.43 billion) revised offer to acquire Cogeco CGO.TO was rejected on Sunday by the Canadian cable company’s top investor, the Audet family.
Altice USA Inc said it had sweetened its unsolicited offer to acquire Cogeco by adding a premium for shares held by the Audet family, which had rejected the previous offer.
“As we did on September 2nd, 2020, following the announcement of their first unsolicited proposal, members of the Audet family unanimously reject this further proposal,” Louis Audet, president of Gestion Audem said in a statement. “We repeat today that this is not a negotiating strategy, but a definitive refusal. We are not interested in selling our shares.”
Gestion Audem is the holding company of the Audet family that holds 69% of the voting share of Cogeco.
Altice offered C$11.1 billion to acquire Cogeco, up from the C$10.3 billion bid that was rejected by the Audet family last month.
New York-based Altice said the revised offer included C$900 million to the Audet family for their ownership interests, from C$800 million previously.
It also revised its offer to Cogeco’s second-largest shareholder, Rogers Communications Inc RCIb.TO, to sell it all of Cogeco’s Canadian assets for C$5.2 billion.
Upon completion of the overall transaction, Altice USA would own all the U.S. assets of Cogeco and Rogers would own the Canadian assets, Altice said in a statement.
Altice said it would withdraw its revised offer if a deal was not reached by Nov. 18.