CCR Short Takes
News | 03/13/2003 5:00 am EST
Rogers ups stake in Cogeco
Rogers Communications Inc. announced March 6 that it had reached an agreement to buy three million subordinate voting shares of Cogeco Cable Inc. from a third party, spurring talk of a possible takeover. The purchase increases Rogers’ share in Cogeco to 18% of all classes of common shares from 11%. The shares were acquired from a group of investors unaffiliated with the Cogeco group in exchange for 2.7 million Rogers class B non-voting shares. Rogers noted in a media release that the purchase was made for investment purposes and that it had "no current intention of acquiring ownership of or control or direction over any additional shares of Cogeco Cable." The Audet family owns 17% of parent Cogeco Inc. and holds 72% of the votes.