Altice USA, Inc. and Rogers Communications Provide Statement on Cogeco's Response to Acquisition Offer
NEW YORK and TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) -- On the morning of September 2, 2020, Altice USA, Inc. (“Altice USA”) (NYSE: ATUS) announced that it had presented an offer to Cogeco Inc. (“CGO”) and Cogeco Communications Inc. (“CCA”, together with CGO, “Cogeco”) to acquire 100% of the issued and outstanding shares of Cogeco. Altice USA announced that it had also entered into an arrangement to sell all the Canadian assets of Cogeco to Rogers Communications Inc. (“Rogers”) (TSX:RCI.A and RCI.B, NYSE: RCI), Cogeco’s largest long-term shareholder with a significant presence in Quebec, if its transaction with Cogeco is completed. Upon completion of the overall transaction, Altice USA would own all the U.S. assets of Cogeco, namely Atlantic Broadband.
On the evening of September 2, 2020, the Cogeco boards of directors announced that they rejected the proposal.
Altice USA and Rogers provide the following comment:
“We strongly believe that we presented a very attractive offer – one that would reward all Cogeco shareholders with a significant premium – and we stand by that offer. We remain committed to pursuing this transaction and are open to engaging with shareholders and the boards in a constructive dialogue.”
Altice USA’s initial press release with details about the offer can be found here.
Rogers’ initial press release can be found here.
Certain statements in this press release constitute forward-looking statements within the meaning of applicable securities laws. Investors are cautioned that the submission by Altice USA of a non-binding proposal to Cogeco, Rogers agreement to acquire the Canadian assets of Cogeco conditional on the consummation of such non-binding proposal and subsequent actions taken by or statements made by Altice USA or Rogers in respect of a potential transaction, should not be viewed as an indication that any specific transaction wil be pursued or consummated. There can be no assurance that the offer will result in any specific action or transaction or agreement or, if a transaction is undertaken, as to the nature, terms or timing of such transaction. Neither Altice USA nor Rogers intend to disclose developments with respect to the offer unless it determines that disclosure is necessary or appropriate.
These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this release. Forward-looking statements typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions, although not all forward-looking information includes them. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. To the extent that statements in this release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in Altice USA’s most recently filed Annual Report on Form 10-K and its most recently filed Quarterly Report on Form 10-Q, and in Rogers’ 2019 Annual MD&A in the section entitled “Regulation In Our Industry” and “Governance and Risk Management”, as well as various other filings made by Altice USA and Rogers, as applicable, with Canadian and US securities regulators, which can be found at sedar.com and sec.gov, respectively. You are cautioned to not place undue reliance on the forward-looking statements contained in this news release. Any forward-looking statement speaks only as of the date on which it was made. Altice USA and Rogers specifically disclaim any obligation to publicly update or revise any forward-looking statement, as of any future date, except as required by law.
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