Cogeco fighting takeover bid from Rogers
Published September 2, 2020 at 7:09 pm
Media firm Cogeco, which provides service to all of Halton and parts of Hamilton, is fighting off a takeover bid, one that aims to bring the cable TV and internet company under the Rogers Communica
Media firm Cogeco, which provides service to all of Halton and parts of Hamilton, is fighting off a takeover bid, one that aims to bring the cable TV and internet company under the Rogers Communications empire.
Reports indicate Cogeco doesn’t want any part of the $10.3 billion deal initiated by Altice USA Inc., a large US digital media group that includes several television stations. Altice appears to be only interested in Cogeco’s American operations and would flip Canadian holdings over to Rogers, which already has a stake in Cogeco.
Cogeco has confirmed the offer through a press release and has subsequently said the offer hasn’t impressed those with a major financial stake in the company. Cogeco said it would not comment further on the matter.
In a statement released by Dexter Goei, Altice’s executive officer, the offer is an attractive one that he hopes Cogeco shareholders will accept.
“We greatly respect and appreciate the legacy…created with Cogeco, building an iconic company across Canada and the US that is driven by superior customer service and continuous investments in technology,” said Goei in a prepared statement.
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Rogers, which currently owns about a third of all Cogeco shares, indicates it has the necessary funds to purchase the rest of the shares if the deal goes through.
The Quebec-based Cogeco began operation in 1957 and over the years has been involved in various media operations. It moved into this area in 1989 when it acquired the cable licenses for Burlington and Oakville and subsequently parts of Hamilton.
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