A day before its scheduled 1Q earnings report, Cablevision has accepted the Dolan family’s $10.6 billion offer to be taken private, concluding a two-year effort by the cable-TV company’s founders to obtain full ownership of the company, Bloomberg reported. Including debt, the transaction is valued at about $22 billion, the company said. Chairman Charles Dolan and his son, James, the company’s CEO, will pay $36.26 a share for the Bethpage, New York-based company. The pair’s previous $30 bid was rejected in January. The offer is an 11 percent premium to yesterday’s close. The deal for Cablevision includes cable systems throughout New York state, ownership of Madison Square Garden, Radio City Music Hall, the New York Knicks and the New York Rangers hockey team.
Update: Here’s some additional details from Cablevision’s release: The deal calls for the Dolans to contribute $2.1 billion in equity through reinvestment of its Cablevision shares in the new privately held company. Merrill Lynch, Bear, Stearns and Bank of America will provide roughly $15.5 billion in debt financing to fund the merger. Still, it’s not done yet. The transfer is conditioned on a
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