A bid to speed up lawsuits by Cox Communications Inc. shareholders challenging the proposal by the MSO’s parent, Cox Enterprises Inc., to take it private was denied by a Delaware judge Tuesday, AP reported.
Vice Chancellor Leo Strine said he would allow the recently named special committee of the Cox Communications board to evaluate the $32-per-share buyout proposal from privately held Cox Enterprises before considering a bid for an injunction to block the deal, according to AP.
Strine added that the possibility exists of the suits being dropped if the committee is able to negotiate a better deal.
Terms of the offer from Cox Enterprises call for a deal by Dec. 15, according to court papers, AP reported.
The committee consists of Janet Clarke, president of Clarke Littlefield LLC and a Cox Communications director since 1995; Rodney Schrock, former president and CEO of Panasas Inc. and AltaVista and a Cox Communications director since 2000; and former Atlanta Mayor and former U.S. Ambassador to the United Nations Andrew Young, a Cox Communications director since 1995.
Last week, the special committee has named The Goldman Sachs Group Inc. as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.