Cablevision Rejects Bid From Dolan Family
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Cablevision Systems Corp., the fifth-largest cable operator in America, rejected an $8.9 billion buyout offer from the company’s founding Dolan family.
The $30-a-share offer is “inadequate” and “does not represent fair value,” according to a letter sent to the Dolans by a two-man committee consisting of Thomas Reifenheiser and John Ryan.
The board’s action upends an 18-month effort to buy the company by chairman Charles Dolan and his son, chief executive officer, James Dolan. The Dolans boosted their bid by 11% from $27 on January 12.
