Canadian telecom firm Cogeco Communications Inc’s (OTC:CGEAF) owners — the Audet family — rejected an enhanced hostile takeover attempt by Altice USA, Inc (NYSE:ATUS) on Sunday.

What Happened: Louis Audet, the executive chairman of Cogeco, in a statement said that the family isn't interested in the $8.4 billion hostile bid made by Altice.

Audet claimed that this is "not a negotiating strategy, but a definitive refusal.”

Patrick Drahi-owned Altice had offered $8.4 billion to acquire all outstanding shares of Cogeco, seeking to own all assets of the latter, including Atlantic Broadband.

Under Altice’s terms, the Canadian operations of Cogeco would be sold to Rogers Communications Inc (NYSE:RCI) at an adjusted net price of nearly $3.9 billion. 

Gestion Audem, the Audet family controlling company, holds 69% of all voting rights in Cogeco Inc, which in turn controls 82.9% of all rights in Cogeco Communications.

The Audet family was offered $682 million for their ownership interests by the U.S. company, as per a statement from Altice. The cable company also made an offer to pay nearly $93 and $113 respectively to subordinate voting shareholders in Cogeco and Cogeco Communications. 

Price Action: Altice USA shares closed 0.63% higher at $28.63 on Friday.