TORONTO, Nov. 4 /CNW/ – Rogers Communications Inc. announced today that
it has entered into agreements with third parties to purchase 892,250
subordinate voting shares of Cogeco Cable Inc. and 946,090 subordinate
voting shares of Cogeco Inc. pursuant to the private agreement
exemption under applicable securities laws.
Rogers Communications is acquiring the subordinate voting shares of
Cogeco Cable Inc. at a cash purchase price, excluding commissions, of
$43.98 per share, for aggregate consideration of $39.2 million. Rogers
Communications is acquiring the subordinate voting shares of Cogeco
Inc. at a cash purchase price, excluding commissions, of $37.77, for
aggregate consideration of $35.7 million. RCI is acquiring the Cogeco
Inc. shares and the Cogeco Cable Inc. shares for investment purposes.
RCI has no current intention of acquiring ownership of or control or
direction over any additional Cogeco Inc. or Cogeco Cable Inc. shares
but reserves the right to acquire additional shares of Cogeco Inc. or
Cogeco Cable Inc., to sell all or any portion of its holding of such
shares or to enter into derivative or other transactions with respect
to the shares owned by it. This press release is being issued as
required under the early warning requirements of applicable securities
laws.
The Cogeco Cable Inc. shares being acquired represent approximately 2.7%
of the outstanding Cogeco Cable Inc. subordinate voting shares. After
giving effect to these purchases, Rogers Communications will own
10,687,925 subordinate voting shares of Cogeco Cable Inc. representing
approximately 32.5% of the subordinate voting shares and approximately
22.0% of the equity of Cogeco Cable Inc.
The Cogeco Inc. shares being acquired represent approximately 6.3% of
the outstanding Cogeco Inc. subordinate voting shares. After giving
effect to these purchases, Rogers Communications will own 5,969,390
subordinate voting shares of Cogeco Inc. representing approximately
39.9% of the subordinate voting shares and approximately 35.5% of the
equity of Cogeco Inc.
About the Company:
Rogers Communications is a diversified public Canadian communications
and media company. We are Canada’s largest provider of wireless voice
and data communications services and one of Canada’s leading providers
of cable television, high-speed Internet and telephony services.
Through our wholly-owned subsidiary, Rogers Media Inc. and its
subsidiaries, we are engaged in radio and television broadcasting,
televised shopping, magazines and trade publications, and sports
entertainment. We are publicly traded on the Toronto Stock Exchange
(TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
For further information about the Rogers group of companies, please
visit www.rogers.com.