Cogeco has rejected a second proposal from Altice USA and Rogers after the two companies raised their bid to $11.1 billion CAD.
The family that controls Cogeco released a statement saying that it unanimously rejects this second “unsolicited” proposal.
“Since this is apparently not registering with Rogers and Altice, we repeat today that this is not a negotiating strategy, but a definitive refusal. We are not interested in selling our shares,” said Louis Audet, president of Gestion Audem, in the statement.
The second offer is up from the $10.3 billion offered last month. After Cogeco rejected the first offer, Rogers and Altice sent a letter to Cogeco accusing the Audet family of failing to properly review the proposal.
In response, Cogeco publicly revealed a letter sent to the two companies stating that they engaged in “bad faith tactics” and revealed that it had already rejected the offer before the companies announced the proposal.
Cogeco had stated that it wouldn’t “engage in a futile exercise aimed at diverting the attention of management and key resources from our business operations while creating friction among our stakeholders.”