The boards of Cogeco Inc. and Cogeco Communications Inc. on Oct. 20 unanimously rejected the latest revised unsolicited, nonbinding takeover offer from Altice USA Inc. and Rogers Communications Inc.

Altice USA and Rogers have been wooing Cogeco for weeks, with Altice aiming to scoop up Cogeco's U.S. assets — namely, cable operator Atlantic Broadband LLC — while Rogers sought Cogeco's Canadian assets. Gestion Audem Inc., which is controlled by members of the Audet family and holding 69% of all voting rights of Cogeco, is not supportive of a deal.

In the latest rejected proposal, Altice USA increased its all-cash offer to acquire all of the outstanding shares of Cogeco and its unit Cogeco Communications to C$11.1 billion.

The revised offer included C$5.1 billion for Cogeco's U.S. assets. Altice USA intended to sell all of Cogeco's Canadian assets to Rogers Communications Inc. for an adjusted net price of C$5.2 billion, contingent on the completion of the deal with Cogeco.

Cogeco and Cogeco Communications said company officials will not engage with Altice and Rogers regarding the takeover offer and will not comment further at this time.