Dolans, Cablevision Reach Deal
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.
NEW YORK (AP) – Cablevision Systems Corp., a New York-area cable TV provider that also owns Madison Square Garden, said Wednesday it has reached a deal to be taken private by the Dolan family, the controlling shareholders, in a deal worth about $10 billion.
It was the Dolans’ third attempt to take the company private in recent years, the first two having been rejected by a two-person committee of independent directors on its board.
The company said in a statement Wednesday that its board of directors, on the advice of a special committee of independent directors, has voted to approve the Dolans’ offer of $36.26 per share.
That is an 11 percent premium over Cablevision’s closing price of $32.67 on Tuesday.
In morning trading Wednesday, Cablevision shares rose $2.59, or 8 percent, to $35.26 on the New York Stock Exchange.
