Dolan Family to Regain Ownership of Cablevision

May 2, 2007  •  Post A Comment

Cablevision Systems Corp. said it agreed to be acquired by members of the Dolan family, which founded the cable company and has made several attempts to take it private in the past year.
Outstanding shares of Cablevision that the Dolan Family Group does not already own will be converted into $36.26 per share in cash, for a total enterprise value of approximately $22 billion.
The price per share is 34 percent more than founder and chairman Charles Dolan and his son, CEO James Dolan, offered in October 2006, and 21 percent more than offered in January.
The transaction is conditioned on a “majority of the minority” voting provision, which requires approval by holders of a majority of Cablevision’s outstanding Class A shares not held by the Dolan Family Group or Cablevision’s directors and executive officers. The transaction is also subject to certain regulatory approvals.
“The Dolan family founded Cablevision nearly 35 years ago, and we are very proud of the company’s track record of delivering quality service and innovative products to our customers,” Charles and James Dolan said in a statement Wednesday. “We believe the best way to continue this tradition in today’s increasingly competitive environment is as a privately held company.”
The Dolan Family Group will contribute approximately $2.1 billion in equity to the transaction through reinvestment of its Cablevision shares in the new privately held company. Merrill Lynch & Co., Bear, Stearns & Co. Inc., and Bank of America have committed to provide approximately $15.5 billion in debt financing to fund the merger consideration and refinance certain bank indebtedness of Cablevision. The company’s existing notes and debentures will remain.
(Editor: Baumann)


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