ATUS - Altice USA raises offer for Cogeco companies to C$11.1B

Altice USA (ATUS) has presented a revised offer to acquire Cogeco (CGECF) and Cogeco Communications (CGEAF), now up to C$11.1B (about $8.4B). Its previous C$10.3B offer - a deal to buy Cogeco for its U.S. assets (namely Atlantic Broadband), and sell the Canadian assets to Rogers Communications (RCI) - was rejected by Cogeco's controlling Audet family. The particulars of the new deal include not only the C$11.1B for the assets of both Cogeco companies, but C$5.1B (about $3.9B) to be paid by Altice USA for the American assets. Altice USA notes that given the need for support from the Audet family, there's a "sizable premium" on those shares - specifically, C$900M for their ownership interests. And it also includes 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's unable to arrive at a mutually satisfactory agreement

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Altice USA raises offer for Cogeco companies to C$11.1B