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Rogers tries to sweeten its play for Cogeco Looking to keep its complicated play for Montreal-based Cogeco on life support, Rogers Communications has pledged to invest up to $3 billion over five years on infrastructure in Quebec, including accelerated 5G coverage. Rogers' proposal, which aims to "honour Cogeco's legacy," also includes a plan to keep Cogeco's headquarters in Montreal and to ensure that a Quebec president leads Cogeco's business in Quebec. The multi-year, multi-billion, multi-faceted proposal aims to keep an already-rebuffed bid for Cogeco alive. Rogers teamed with Altice USA on a bid to divvy up Cogeco under a $7.8 billion proposal. Under that plan, Altice USA intends to acquire Cogeco and retain Cogeco's US assets (Atlantic Broadband) and then sell Cogeco's Canadian assets to Rogers. The Cogeco boards, as well as a family-owned unit company holding 69% of the voting rights in Cogeco, have flatly rejected the offer. Rogers has a 33% economic stake in Cogeco and represents Cogeco's largest long-term stakeholder. Market watchers believe the pressure is now on Rogers to either make an all-out play for Cogeco's Canadian holdings or unload its stake. For more detail about Rogers' multi-part plan, which includes a pledge to bring thousands of new tech jobs to Quebec, and an update on the battle for Cogeco, please see this story at Light Reading: Rogers pledges to plow $3B into Quebec, retain Cogeco brand.
Related posts: — Jeff Baumgartner, Senior Editor, Light Reading, special to Broadband World News |
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