Cogeco Inc. and Cogeco Communications Inc.’s largest shareholder and chairman is rebuffing any notion that he and his family would let go of their stake in the telecommunications companies.
“Our shares are not for sale. And let me be clear, our refusal is not a negotiating position, it is definitive,” Louis Audet wrote in a statement released Monday.
The statement was made on behalf of Gestion Audem Inc., a company run by his family that holds a controlling stake in the Cogeco businesses.
It comes after New York-based Altice USA Inc. made an unsolicited, $10.3-billion bid for the Montreal-headquartered Cogeco companies last Wednesday.
The all-cash offer included $800 million to secure the ownership interests and voting shares held by the Audets, who have 69 per cent of Cogeco’s and 82.9 per cent of Cogeco Communications’s voting rights.
30% premium offered
Altice offered $106.53 per share for the remaining Cogeco Inc.