Report: Dolans Near $10.5B Deal to Take Cablevision Private
Founding Family Increases Offer for Cable Operator to $36 per Share
By Steve Donohue -- Multichannel News, 5/1/2007 6:43:00 PM MT
Cablevision Systems’ founding Dolan family is close to striking a deal to take the company private for at least $10.5 billion, The Wall Street Journalreported Wednesday morning. The Dolans offered $30 per share to take Cablevision private in January. They increased their offer to $36 per share in the new offer, WSJ said.
The Dolans originally attempted to take Cablevision private in October, offering $27 per share. In a Jan. 12 letter to a committee of independent Cablevision directors, the Dolan family said the offer of $30 per share was its “best and final price.”
If Cablevision chairman Charles Dolan and CEO Jim Dolan succeed in taking the company private, the deal could spark a long awaited sale of its valuable New York metropolitan area systems to Time Warner Cable, which owns systems in New York City, northern New Jersey and upstate New York.
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