In a statement that was also published prior to the Audet family’s dismissal of the offer, Rogers said it planned to finance its acquisition of Cogeco’s Canadian assets, which it values at $4. 9 billion, with existing cash reserves. “Rogers is excited about the opportunity to expand its breadth of industry leading technologies and products to an additional 1. 8 million homes and businesses,” Rogers president and chief executive Joe Natale said. “Under the stewardship of Mr.
Gestion Audem, the holding company of the Audet family, which owns 69 per cent of voting shares in Cogeco and 82. 9 per cent of Cogeco Communications, said that it “does not intend to sell its shares and will not support the proposal.
Audet and the Cogeco boards will act in the best interest of all shareholders and fairly evaluate this offer,” Altice USA chief executive officer Dexter Goei said in a statement before the Audet family turned down the offer.
The family that owns controlling interests in both Cogeco Inc. and Cogeco Communications Inc. shut down an offer from Altice USA Inc. to buy the companies and split the assets with Rogers Communications Inc.
Louis Audet, Cogeco’s executive chairman, would need to support the deal for it to be completed because he and his family control the voting shares, according to a statement.
The Audet family, however, maintained its majority ownership stake. “We are pleased to present this very attractive offer for Cogeco, and are confident that Mr.