In this news, we discuss the Altice sweetens bid to acquire Canadian cable firm Cogeco.
(Reuters) – Altice USA Inc. ATUS.N said on Sunday it had softened its unsolicited offer to acquire Canadian cable company Cogeco CGO.TO by adding a premium for shares held by the Audet family, which rejected the previous offer .
Altice offered C $ 11.1 billion to acquire Cogeco, up from C $ 10.3 billion ($ 7.8 billion) rejected by the family’s main investor Audet last month.
New York-based Altice said the revised offer included C $ 900 million to the Audet family for their stakes, up from $ 800 million previously.
It also revised its offer to Cogeco’s largest shareholder, Rogers Communications Inc. RCIb.TO, to sell all of Cogeco’s Canadian assets for C $ 5.2 billion.
Upon completion of the global transaction, Altice USA would own all of Cogeco’s US assets and Rogers would own the Canadian assets, the company said in a statement.
Altice has said it will withdraw its revised offer if a deal is not reached by November 18.
Members of the Audet family, which owns a controlling stake in Cogeco through a holding company, reiterated last month that they were not interested in selling their shares.
($ 1 = 1.3180 Canadian dollars)
Reporting by Sabahatjahan Contractor in Bengaluru; Edited by Stephen Coates
Original © Thomson Reuters