Unsolicited take-over bid: mayors lend their support to Cogeco

Unsolicited Takeover Offer: Mayors Support Cogeco

The mayors of Trois-Rivières and Burlington, Ontario, publicly support Cogeco, which is the subject of an unsolicited takeover bid by Rogers Communications and giant Altice USA.

The two cities are the ones that host the operational headquarters of Cogeco and Cogeco Communications in Canada.

In Trois-Rivières, the mayor and all elected officials wanted to support the Quebec business. In a statement released Friday, they affirmed “the importance of this exceptional corporate citizen” for the region.

They also sent a letter to the Federal Minister of Innovation, Science and Industry, Navdeep Bains, to denounce “the strategy of Rogers which, together with Altice […] was made insistent in order to take control of the Trois-Rivières company, Cogeco ”.

Elected officials are also asking Minister Bains for his “unreserved support” so that Cogeco's will to continue its activities is respected.

In Burlington, the mayor, Marianne Meed Ward, recalled the role of Cogeco in the creation of the local workforce. She claimed to have had a discussion with Louis Audet, the representative of the Audet family who controls the company.

The latter assured him that the company had no intention of selling and he maintained that the family wanted to continue “its long heritage of connectivity to the communities it serves.”

The Burlington Chamber of Commerce also expressed, Friday, its “full support” to Cogeco and the Audet family, as did the mayor of Oakville, Rob Burton, or that of Hamilton, Drew Redden, as well as respective chambers of commerce of these two regions.

As a reminder, the Audet family was offered $ 800 million for the purchase of its controlling shares which would have allowed Rogers and Altice to get their hands on Cogeco in a transaction valued at approximately $ 10.3 billion.

The proposal was rejected just hours later, but the two partner companies hinted they wouldn't throw in the towel so easily.

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