Dolan family offers to take Cablevision private
The Dolan family is again trying to take its company private, offering to buy out public shareholders of Cablevision Systems Corp. in a deal that values the cable TV operator at $7.9 billion plus the assumption of $11.3 billion in debt.
A separate bid from the Dolans last year ran into objections from the board, but this time the Dolans say they’re making a simpler offer that should be more likely to succeed.
Under the terms of the new offer, which the Dolans detailed in a letter to the Cablevision board on Sunday, the family would offer public shareholders $27 per share in cash, a 12.8 percent premium to the stock’s closing value on Friday.
The news sent Cablevision’s shares soaring $2.57, or 10.74 percent, to close at $26.50 Monday on the New York Stock Exchange.
The Dolans said they were interested only in doing the going-private transaction, dampening hopes that the company could be put in play as an acquisition target. They also said they would go ahead with the proposal only if it is approved by a special committee of independent directors.
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