The bidding battle for the nation’s third largest cable network, Le Groupe Videotron, heated-up yesterday with a surprise intervention by Canadian print and publishing giant Quebecor.

Quebecor’s $3.3 billion offer, in partnership with Quebec public pension fund Caisse de Depot et Placement, trumps by 35% a friendly bid from Rogers Communications, Canada’s largest cable operator.

Caisse currently holds an 18% voting stake in Videotron and claims it has the right to veto any deal of which it does not approve.

News source: Financial Times