Cogeco has announced that its board of directors has unanimously rejected the revised proposal from Rogers and Altice USA.
“The boards of directors of the Corporations met earlier today to consider the revised unsolicited, non-binding proposal from Altice USA, Inc. and Rogers Communications Inc,” the company stated in a press release.
Altice and Rogers had presented the revised proposal on October 18th and raised their bid to $11.1 billion CAD, which was an increase from the $10.3 billion offered last month.
Following the release of the proposal, the Audet family, which controls Cogeco, publicly stated that it was not interested in the takeover bid.
“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,” the family outlined in the statement.
Cogeco notes that following separate deliberations of the independent boards members supported by independent legal counsel, the board rejected the “revised unsolicited, non-binding proposal and will not engage with Altice and Rogers.”