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| Rogers Purchasing 3.2 Million Shares of Cogeco Cable Inc. and 1.6 Million Shares of Cogeco Inc. |
| Posted
on Thursday, November 26, 2009 - 06:49 PM |
Rogers Communications Inc. announced today that it has entered into agreements to purchase 3,200,000 subordinate voting shares of Cogeco Cable Inc. and 1,623,500 subordinate voting shares of Cogeco Inc. pursuant to private agreements with third parties.
Rogers Communications is acquiring the subordinate voting shares of Cogeco Cable Inc. at a cash purchase price, excluding commissions, of $36.43 per share, for aggregate consideration of $116.6 million. Rogers Communications is acquiring the subordinate voting shares of Cogeco Inc. at a cash purchase price, excluding commissions, of $28.61, for aggregate consideration of $46.4 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 9.7% of the outstanding Cogeco Cable Inc. subordinate voting shares. After giving effect to these purchases, Rogers Communications will own 9,795,675 subordinate voting shares of Cogeco Cable Inc. representing approximately 29.8% of the subordinate voting shares and approximately 20.2% of the equity of Cogeco Cable Inc.
The Cogeco Inc. shares being acquired represent approximately 10.9% of the outstanding Cogeco Inc. subordinate voting shares. After giving effect to these purchases, Rogers Communications will own 5,023,300 subordinate voting shares of Cogeco Inc. representing approximately 33.6% of the subordinate voting shares and approximately 29.9% of the equity of Cogeco Inc.
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