Its previous C$10.3B offer – a deal to purchase Cogeco for its U.S. property (specifically Atlantic Broadband), and promote the Canadian property to Rogers Communications (NYSE:RCI) – was rejected by Cogeco’s controlling Audet family.
The particulars of the brand new deal embody not solely the C$11.1B for the property of each Cogeco corporations, however C$5.1B (about $3.9B) to be paid by Altice USA for the American property.
Altice USA notes that given the necessity for assist from the Audet household, there is a “sizable premium” on these shares – particularly, C$900M for his or her possession pursuits. And it additionally contains C$123/share for the remaining Cogeco subordinate voting shares, and C$150/share for the remaining Cogeco Communications subordinate voting shares.
Altice USA says if it is unable to reach at a mutually passable settlement by Nov. 18, or if it would not see a transparent path ahead to competing a transaction, the provide might be withdrawn.