We take you back to early September and a brief review of the 24-hour Quebec Inc. torpedo of a proposed takeover of the Montreal-based Cogeco telecom companies — 24 hours that highlight investor, governance and competition issues.
In the early evening of Tuesday, Sept. 1, Dexter Goei, CEO of the New York-based broadband company Altice USA Inc., called Louis Audet, the executive chairman of Cogeco Communications, to inform Audet that Altice in association with Rogers Communications of Toronto would be offering to acquire 100 per cent of the Cogeco companies in a deal worth $10.3 billion.
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At 9:15 a.m. the next day, Altice issued a release from New York publicly announcing the proposed takeover and its terms, including the payment of $800 million to the Audet family for the multiple-voting shares through which the Audets control the Cogeco enterprises.
At 9:20 a.m., Rogers issued a release confirming its agreement with Altice and outlining that it would in turn purchase all of Cogeco’s Canadian assets for $4.9 billion, noting that “significant value” was being released and that Rogers was “excited” about the opportunity to expand through its acquisition of 1.8 million Cogeco customers.