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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Cogeco Communications Inc.    CCA   CA19239C1068

COGECO COMMUNICATIONS INC.

(CCA)
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Cogeco directors spurn Rogers, Altice again in an exchange of accusatory letters

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09/16/2020 | 05:48pm EDT

MONTREALCogeco Communications Inc. and its parent company are accusing Rogers Communications Inc. and its American partner of using "bad faith tactics" in their attempt to buy the company without support from its controlling shareholder.

In a letter released two weeks after Rogers and Altice USA Inc. announced a $10.4 billion offer, Cogeco's lead director says they failed to disclose to the public that they'd already been flatly rejected the previous night.

The Cogeco letter also alleges that the unsolicited offer was made public despite the rejection in order to put pressure on the founding Audet family, which controls a majority of the shareholder votes at Cogeco Communications.

Cogeco issued the letter in response to a joint letter from Rogers and Altice sent to Louis Audet, chairman of Cogeco's board and former chief executive of the company..

The CEOs of Rogers and Altice say the independent directors of Cogeco had failed to fulfil their duty to consider the proposal fully on behalf of all shareholders, not just the Audets.

Cogeco lead director James Cherry says in his reply to Rogers and Altice that all the proper steps were taken by Audet and the directors and they won't engage in a "futile exercise" that diverts attention from running the internet and cable business.

This report by The Canadian Press was first published Sept. 16, 2020

Companies in this story: (TSX:RCI.B TSX:CCA)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. -0.44% 4.092 Delayed Quote.-28.50%
ALTICE USA, INC. -1.14% 26 Delayed Quote.-3.80%
COGECO COMMUNICATIONS INC. -1.02% 109.19 Delayed Quote.-2.17%
ROGERS COMMUNICATIONS INC. -0.71% 52.82 Delayed Quote.-17.49%
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Financials
Sales 2020 2 382 M 1 779 M 1 779 M
Net income 2020 388 M 290 M 290 M
Net Debt 2020 2 833 M 2 116 M 2 116 M
P/E ratio 2020 14,2x
Yield 2020 2,10%
Capitalization 5 282 M 3 942 M 3 945 M
EV / Sales 2020 3,41x
EV / Sales 2021 3,21x
Nbr of Employees 4 574
Free-Float 44,7%
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Technical analysis trends COGECO COMMUNICATIONS INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 120,44 CAD
Last Close Price 110,31 CAD
Spread / Highest target 13,3%
Spread / Average Target 9,19%
Spread / Lowest Target 1,53%
EPS Revisions
Managers
NameTitle
Philippe Jetté President, Chief Executive Officer & Director
Louis V. Audet Executive Chairman
Patrice Ouimet Chief Financial Officer & Senior Vice President
Stephane Lacombe Vice President-Information Technology
David Lyman McAusland Director
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