The family that controls Cogeco Inc. and Cogeco Communications Inc. says it won't support a hostile bid from a New York firm that offered $10.3-billion to buy the telecommunications companies. Gestion Audem holds 69 per cent of Cogeco's voting rights and 82.9 per cent of voting rights at Cogeco Communications. Altice also entered into an arrangement to sell Cogeco's Canadian assets to Rogers, the Montreal-based company's largest long-term shareholder, for $4.9-billion cash were the Cogeco bid accepted. If the deal were accepted, Rogers would pay $4.9 billion for the company's Canadian assets. "It is out of the question to let this Quebec company move its head office to Ontario."

Source: CBC News September 02, 2020 14:40 UTC