Key Mediacom Date: Sept. 7

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MIDDLETOWN, N.Y. — Rocco
Commisso’s quest for privacy
continues on, at least until September.

The Mediacom Communications
chairman and CEO’s proposal
to take the company he
founded in 1995 private is continuing
into its second month.
While the process continues
to move forward, according
to one analyst, no deal can be
official until at least Sept. 7,
the expiration of a standstill
agreement the Mediacom chief
agreed to in 2008.

The standstill is part of Mediacom’s
acquisition of 30% of
its stock from Morris Communications
in 2008. In that deal,
Commisso agreed he would
not consummate a transaction
to increase his holdings in Mediacom
for two years.

Miller Tabak media analyst
David Joyce said the standstill
does not preclude Commisso
or Mediacom from announcing
a deal; it just can’t be closed
until after Sept. 7.

Commisso proposed buying
the shares of Mediacom he
didn’t already own for $6 per
share on June 1. Shortly after
Mediacom appointed a special
committee of independent
directors led by current board
members Thomas Reifenheiser
(retired managing director at
J.P. Morgan Chase) and Natale
Ricciardi (a senior vice president
at drug giant Pfizer Inc.) to evaluate
the proposal. The special
committee appointed Barclays
Capital as its financial advisor
and law firm Simpson Thacher &
Bartlett LLP to provide legal advice
as it reviewed the proposal.
But so far, no new news has
come from either camp.

“The committee continues
to review the proposal,” Mediacom
vice president of public
affairs Thomas Larsen said.

Commisso already owns
about 40% of Mediacom’s outstanding
stock and 87% of its
vote. Analysts, for the most part,
expect Commisso to raise his
offer, as Mediacom’s stock has
risen well past the June 1 offering
price.

Mediacom shares closed at
$6.91 each, up 23 cents (3.4%),
on July 22.

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