Cogeco rejects new $11.1 billion Altice/Rogers bid (updated)

Audet family would have received $900 million for controlling shares NEW YORK and TORONTO – Altice USA announced Sunday evening it has presented a new, higher offer to purchase Cogeco Inc. and Cogeco Communications. Then a bit later on Sunday evening, it was rejected by Cogeco’s controlling shareholder. The new offer is for $11.1 billion, or $800 million more than the Altice/Rogers first pitch last month ($123/share for CGO and $150/share for CCA, a 57% premium over the shares’ prices as of August 1, notes the Altice release). What hasn’t changed is Altice’s desire to sell Cogeco’s Canadian assets to...