Cablevision shareholders reject Dolans buyout bid |
| Reuters - Oct 25, 2007 |
Shareholders of Cablevision Systems Corp on Wednesday rejected a $10.6 billion buyout bid offered by the Dolan family, after major stakeowners said it undervalued the New York-based cable operator.
The Dolans, who already own about 20 percent of Cablevision, offered $36.26 per share -- a price that several large shareholders, including activist investor Mario Gabelli, have said was too low.
Cablevision shares fell as much as 5.5 percent to $30.09 following the news. The stock was down 1.8 percent at $31.28 by midday on the New York Stock Exchange.
Cablevision said in a statement that it did not receive enough votes at a special shareholders meeting to approve the buyout, based on a preliminary vote count that it did not disclose.
Read Full Article from Reuters
- Posted: 2007-10-25 09:49:10
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