Altice/Rogers Bid for Cogeco Rejected by Audet Family

The family that controls Canadian cable ISP Cogeco rejected Altice and Rogers Communications' bid. Cogeco said Wednesday that Gestion Audem, a company controlled by Audet family members with majority voting rights in Cogeco, rejected the unsolicited takeover. The $7.8 billion offer for Cogeco's shares "is very attractive and in the best interest of all shareholders, and we look forward to hearing from the Board," Altice emailed. Under the proposed deal announced Wednesday, Altice would buy Cogeco and sell its Canadian assets to Rogers, leaving Altice with Atlantic Broadband. Altice said the deal would expand its East Coast footprint in 11 states adjacent to its existing Optimum and Suddenlink territories. New Street Research's Jonathan Chaplin emailed investors that the Audet family has resisted offers in the past and their support "is essential."