MONTREAL – Louis Audet probably fielded more than a few calls and emails this long weekend. It seems people just don’t believe his company can’t be bought.
After repeatedly saying last week his family has no intention of selling its controlling interests in Cogeco and Cogeco Communications, despite the $10.3 billion purchase offer made by Altice USA – and was reiterated again later – which would have then seen Rogers Communications buy the Canadian operations, Audet (above) felt he had to say it yet again on Labour Day Monday.
This could perhaps be partly in response to Rogers pushing the issue on Friday, saying it would keep Cogeco in Quebec if allowed to buy the company.
“As the designated representative of the Audet family, who holds controlling shares of Cogeco Inc. and, indirectly, Cogeco Communications Inc., I want to provide absolute clarity for stakeholders regarding our intentions in response to the recent unsolicited proposal to acquire Cogeco,” Audet said in a short press release on Monday afternoon. “Our shares are not for sale. And let me be clear, our refusal is not a negotiating position, it is definitive.
“Our father launched this company 63 years ago in Trois-Rivières, Quebec, planting the seeds for a business that is an incredible growth story today. The company went public in 1985, and annual revenues at that time had grown to $20 million. Today, they are $2.5 billion. The business is well-managed, growing, strategically positioned for the evolving and dynamic future of the telecommunications and media industries,” continues the release.
“My family, in cooperation with our boards of directors and management team, takes great pride and satisfaction in our long-term vision for the continued growth of Cogeco and the ownership structure that makes this long-term vision possible.”
When asked for comment, a Rogers spokesperson told Cartt.ca “Rogers remains as committed as ever to Quebec and we have nothing further to add at this time.”
