Posted on Nov 24, 2020 at 4:51 p.m.Updated Nov 24, 2020, 5:51 PM
How to bounce back in the United States after the failure of Altice USA’s takeover bid for its rival Cogeco? A month after receiving a termination from the Canadian cable operator that Altice wanted to swallow for $ 8.4 billion, Patrick Drahi, the CEO and founder, obviously chose to put his eggs in another basket. At least for the moment.
On Monday, Altice USA announced that it would put $ 2.5 billion on the table as part of a massive share buyback program covering 19% to 22% of the capital in Class A (and 13% to 14 % by adding Class B shares). Concretely, the group will offer shareholders a price ranging from $ 32.25 to $ 36 per share. This is a premium of 0 to 12% compared to the closing price of November 20, which reached $ 32.27.
*The article has been translated based on the content of Source link by https://www.lesechos.fr/tech-medias/hightech/pourquoi-altice-usa-rachete-ses-actions-pour-25-milliards-de-dollars-1267845
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