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Dolan family reaches deal to take NY-area Cablevision private for about $10 billion

Dolan family reaches deal to take NY-area Cablevision private for about $10 billion

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 (euro7.36 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 (euro26.69) per share.
That is an 11 percent premium over Cablevision's closing price of $32.67 (euro24.04) on Tuesday.
In morning trading Wednesday, Cablevision shares rose $2.59 (euro1.91), or 8 percent, to $35.26 (euro25.95) on the New York Stock Exchange.


Updated : 2021-05-16 17:09 GMT+08:00