Cablevision’s Annual Meeting Won’t Include Vote on Dolans’ Proposal
Company Said Offer to Take It Private Will Be Considered at Special Meeting
By Mike Farrell -- Multichannel News, 5/22/2007 7:30:00 AM
Shareholders will have to wait a little longer to cast their vote for the $10.6 billion proposal by Cablevision Systems’ ruling Dolan family to take the cable operator private.
Almost three weeks after the Dolans announced their proposal -- a $36.26-per-share offer for the outstanding shares they don’t already own -- Cablevision has yet to set a date for shareholders to vote on the matter.
In a proxy statement filed with the Securities and Exchange Commission late Monday, Cablevision announced the date and time of its regularly scheduled annual shareholders’ meeting -- June 14 at 10 a.m. at company headquarters in Bethpage, N.Y. -- but said the Dolan proposal will not be discussed.
“These matters will be considered at a special meeting of stockholders that will be held later this year and will not be considered at our annual meeting,” the proxy stated. “Stockholders of record will receive a separate proxy statement for the special meeting.”
The Dolans’ will need a “majority of the minority” of remaining shareholders to approve the going-private transaction. Some analysts have come out against the deal, claiming that the Dolans could raise their offer substantially.
The offer was approved by a special committee of independent directors May 2.
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