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 Rogers Communications,…
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MONTREAL — Cogeco Connexion announced today it is expanding its broadband network in Ontario with a $10-million investment that will provide high-speed Internet access to more than 8,000 homes and businesses in the areas of Arnprior and Deep River, and their surrounding communities.
The investment will be delivered in collaboration with the government of Canada as part of its Connect to Innovate (CTI) program which will contribute $2 million, says the press release announcing the $10-million broadband network investment.
5,100 homes and businesses in Arnprior, 465 in Chalk River, 1,700 in Deep River (including Mountain View), 455 in Beachburg, 590…
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GATINEAU – The CRTC said Friday the wholesale rate for French-language youth channel VRAK set by owner Bell Media is the right one for Cogeco Connexion to pay.
Cogeco had asked the Commission for Final Offer Arbitration over the long-running rate dispute but in the decision announced Friday, the Regulator said “The Commission selects Bell’s offer, thereby establishing the linear and multiplatform wholesale rates for distribution of VRAK by Cogeco. The Commission finds that the offer proposed by Bell is most appropriate when evaluated in light of factors relating to fair market value, taking into account their probative value.”
Cogeco…
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MONTREAL – On Friday, Rogers Communications announced it would spend big in Quebec, if it can buy Cogeco’s Canadian assets, primarily its networks in Ontario and Quebec.
It made a number of expensive promises, as we reported here, including investing $3 billion on wired and new 5% networks, adding thousands of jobs, and keeping Cogeco’s brand and head office alive in Quebec.
In a statement issued that day, Cogeco said Rogers doesn’t need to own it in order to invest well in the province.
“Rogers may continue making all the investments it wishes in Quebec but it doesn’t need Cogeco to…
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MONTREAL – Rogers Communications this morning said it will invest $3 billion to “honour Cogeco’s legacy” by expanding rural connectivity, accelerating 5G coverage to 95% of Quebecers and creating hundreds of highly skilled jobs with new tech innovation hub, if it is able to purchase Cogeco’s Canadian assets.
“Rogers is deeply committed to the future ofa innovation and the knowledge economy in Quebec. We would be honoured to help enhance the customer experience and bring new investments including 5G that will fundamentally reshape the economic landscape of Quebec,” said Joe Natale, president and CEO of Rogers, in a press release…
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MONTREAL — Cogeco Communications today announced more than 3,700 homes and businesses in several Quebec communities will soon be able to access high-speed Internet services from Cogeco Connexion thanks to a $3.2-million investment by the company.
The network expansion includes municipalities across the Laurentides, Haut-St-François, Appalaches, Etchemins and Drummond.
The investment is part of Cogeco’s four-year commitment to invest more than $1 billion in the operation and expansion of its advanced Canadian broadband network, says the company’s news release.
Almost 300 homes and businesses in the village of Weir, in the municipality of Montcalm, will soon have access to Cogeco’s services, says…
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By Denis Carmel
MONTREAL – In its fight against Altice and Rogers, who unsuccessfully launched an unsolicited takeover bid, Cogeco has earned some local support has in response to this attempted takeover.
For example, Marianne Meed Ward, mayor of Burlington (home of the company’s biggest office), wrote in a public statement last week: “As one of Burlington’s largest employers, Cogeco is a key member of our business community and has been a valued contributor to our local economy and connectivity for more than 30 years.”
“I spoke with executive chairman of the board, Louis Audet… who reiterated to me that Cogeco…
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Cogeco decries “bad faith tactics”
MONTREAL and TORONTO — The latest maneuverings in the now open battle between Rogers and Cogeco — as the former persists in its efforts to take over the latter — were made public by Cogeco Wednesday.
After Rogers sent a letter Tuesday to Cogeco board member Louis Audet (president of Gestion Audem, the Audet family holding company and Cogeco’s controlling shareholder) suggesting Audet had behaved in an “unacceptable manner” after Altice USA and Rogers presented their joint proposal to buy the company on September 1, Cogeco published the Rogers letter on its website and issued…
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Cogeco, meanwhile, awaits CRTC’s new wireless policies
By Greg O’Brien
TORONTO – Rogers Communications CEO Joe Natale on Tuesday explained a little more about why his company is pursuing the purchase of Cogeco Cable so hard (and why he’s not intending to back off), while a senior executive of its intended target insisted that pursuit will be fruitless.
“The bid is really about answering some basic questions as we look at our investment into the future,” Natale told BMO telecom and media analyst Tim Casey at the bank’s annual Media and Telecom conference, held virtually. The $10.3 billion bid for the company,…
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By Greg O’Brien
MONTREAL – Cogeco Connexion has begun rolling out its new IPTV platform, branded Epico, to select customers in its cable regions. Company CFO Patrice Ouimet mentioned the recently begun rollout at the 21st annual BMO Media and Telecom Conference on Tuesday.
The company is taking a go-slow approach with the launch of the new service, as mention of it can’t yet be found on the Cogeco website. After successful trials with employees and their families, the company has only started connecting select customers during the past two weeks, said Ouimet.
He did not mention retail prices or a timeline…
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