Why Altice USA is buying back its shares for 2.5 billion...

Why Altice USA is buying back its shares for 2.5 billion...
Why Altice USA is buying back its shares for 2.5 billion...

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.

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