Montreal: Videotron’s board of directors has rejected a $5.9-billion counterbid by Quebecor and Caisse de Depot subsidiary cdpq.

In a conference call with analysts to discuss recent financial results earlier this month, Videotron ceo Claude Chagnon repeated that Rogers Communications’ $5.6-billion stock merge bid is the ‘only real offer on the table.’ He said the cable-tv company and rci are exploring ‘other avenues’ aimed at securing the same benefits offered in rci’s bid. Analysts speculate the ‘other avenues’ could take the form of a series of strategic and operating alliances, with rci taking a direct role in Videotron’s business affairs.

On April 18, Videotron and the Chagnon family, which has 72% of Videotron’s voting stock, will ask the Quebec Superior Court to allow the Chagnons to table their votes on rci’s offer, nullifying the temporary court injunction granted to Quebecor/cdpq.

A series of private meetings of top managers at rci, Videotron, Quebecor and the Caisse aimed at an agreement to split up Videotron’s assets have so far proved unsuccessful. Leo Rice-Barker