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Altice USA drops after ending Suddenlink sales process

  • Altice USA (NYSE:ATUS) fell 4% in premarket trading after the company said it ended the sale process for its Suddenlink business.
  • “Over the course of the past several months, the company has been considering options for, including the potential sale of, its Suddenlink business," Altice said in a statement. "Following this evaluation, the Board of Directors has unanimously determined that continuing to operate Suddenlink and pursuing the company’s long-term business plan represents the best path forward for Altice USA and its stockholders.”
  • The end of Suddenlink sales process comes after Altice (ATUS) confirmed in August that it was considering offers for all or parts of the business.
  • Bloomberg first reported in July that Altice (ATUS) was exploring the sale of Suddenlink, a sale of the unit could bring up to $20B. Altice shares surged 22% on the report on July 21.