MONTRÉAL, Oct. 18, 2020
/PRNewswire/ - Gestion Audem, the Audet family holding
company, has been made aware of the second hostile proposal from
Rogers Communications Inc. and Altice USA, Inc. to purchase all the shares of Cogeco
Inc. (TSX: CGO) and Cogeco Communications Inc. (TSX: CCA)
(collectively, the "Corporations").
"As we did on September
2nd, 2020, following the announcement of their
first unsolicited proposal, members of the Audet family unanimously
reject this further proposal. Since this is apparently not
registering with Rogers and Altice, we repeat today that this is
not a negotiating strategy, but a definitive refusal. We are not
interested in selling our shares," said Louis Audet, President of Gestion Audem.
The stewardship the Audet family has provided to the
Corporations over the last 63 years has allowed the Corporations to
grow and prosper. Today, Cogeco enjoys a unique and enviable
position as the only broadband services company with a significant
presence in both Canada and
the United States. Furthermore,
the evolution of the stock prices and operating results of the
Cogeco companies far outperforms those of either Rogers or
Altice.
"Rogers has freely chosen to accumulate shares in the
Corporations with full knowledge of the implications. The Audet
family regrets that Rogers' capital allocation decision is causing
the Rogers family and Board such anguish," said Louis Audet, President of Gestion Audem.
Gestion Audem is a company that is controlled by members of the
Audet family and holds 69% of all voting rights of Cogeco Inc.,
which in turn controls 82.9% of all voting rights of Cogeco
Communications Inc.
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SOURCE Gestion Audem