(Reuters) – Altice USA Inc’s <ATUS.N> C$11.1 billion ($8.43 billion) revised offer to acquire Cogeco <CGO.TO> was rejected on Sunday by the Canadian cable company’s top investor, the Audet family.
Altice USA Inc said it had sweetened its unsolicited offer to acquire Cogeco by adding a premium for shares held by the Audet family, which had rejected the previous offer.
“As we did on September 2nd, 2020, following the announcement of their first unsolicited proposal, members of the Audet family unanimously reject this further proposal,” Louis Audet, president of Gestion Audem said in a statement. “We repeat today that this is not a negotiating strategy, but a definitive refusal. We are not interested in selling our shares.”
Gestion Audem is the holding company of the Audet family that holds 69% of the voting share of Cogeco.
Altice offered C$11.1 billion to acquire Cogeco, up from the C$10.3 billion bid that