Altice, a US cable television and internet provider, has made a $10.3 billion cash bid to buy and split assets of Cogeco with Canadian firm Rogers Communications. Cogeco is a Canadian telecommunications and media company located in Montreal.
However, Cogeco’s controlling shareholder does not support this offer and, as a result, the board rejected the deal earlier this evening.
While the story may end here, that seems improbable. Reports indicate that Altice and Rogers are willing to negotiate, so they are likely to go back to Cogeco’s board with a higher offer in hopes that the Audet family (Cogeco’s controlling shareholder) will greenlight the transaction.